JSW Paints, along with JTPM Metal Traders and JSW EduInfra, has announced an open offer to acquire up to 26% of the voting share capital of Akzo Nobel India, totaling 11,840,482 equity shares. The offer price is set at INR 3,231.77 per share, with the offer period commencing on October 23, 2025. This move follows JSW Paints’ share purchase agreement with existing promoters.
Open Offer Details
JSW Paints Limited, acting with JTPM Metal Traders Limited and JSW EduInfra Private Limited, has made a public announcement for an open offer to acquire up to 11,840,482 equity shares of Akzo Nobel India Limited, representing 26% of the voting share capital. The offer is scheduled to open on October 23, 2025, and is subject to the terms and conditions outlined in the offer documents.
Financial Aspects of the Offer
The offer price has been set at INR 3,231.77 per equity share, payable in cash. The total consideration for the open offer, assuming full acceptance, amounts to INR 2997,11,18,266.54. This offer is not conditional upon any minimum level of acceptance.
Background and Rationale
This open offer is triggered by JSW Paints’ share purchase agreement (SPA) to acquire shares of Akzo Nobel India from existing promoters, Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V. JSW Paints aims to acquire control of Akzo Nobel India, expanding its business and leveraging synergies.
Offer Adjustments and Conditions
The offer size may be subject to a proportionate reduction as per regulations, such that the resulting shareholding of JSW Paints and related entities does not exceed 75% of the voting share capital. The offer is subject to obtaining necessary regulatory approvals. Further updates on the offer, including any revisions to the offer price or size, will be duly announced as per regulatory requirements.
Important Dates
Key dates for the open offer include:
- Identified Date: October 7, 2025
- Offer Opening Date: October 23, 2025
- Offer Closing Date: November 6, 2025
Source: BSE
