Akzo Nobel India has announced the reclassification of its promoters following the completion of a share purchase agreement and subsequent open offer. JSW Paints Limited is now classified as the promoter, while Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V. have ceased to be part of the promoter group. The acquisition of 60.76% shares has been completed.
Acquisition Completion
Akzo Nobel India has completed the acquisition of 60.76% shares of the company. This was done under the Share Purchase Agreement (SPA) between Imperial Chemical Industries Limited, Akzo Nobel Coatings International B.V., and JSW Paints Limited.
Promoter Reclassification
Following the completion of the acquisition, there has been a reclassification of the company’s promoters. The acquirer, JSW Paints Limited, is now classified as the promoter of Akzo Nobel India.
Change in Promoter Group
Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V., have ceased to be part of the promoter/promoter group of the company with effect from the completion of the acquisition. This change is in compliance with relevant regulations.
Source: BSE
