JSW Paints Launches ₹3,417 Open Offer for Akzo Nobel India Stake Worth ₹3,929 Cr

JSW Paints, along with JTPM Metal Traders and JSW Eduinfra, has formally announced an open offer to acquire a 25.24% stake in Akzo Nobel India at ₹3,417.77 per share. The total value of the offer stands at ₹3,929 crore, according to the latest exchange filing.

 

Key highlights:

 

- The open offer follows JSW’s earlier agreement to acquire a 74.76% stake from Akzo Nobel’s Dutch parent, valuing the full transaction at nearly ₹13,000 crore.

- The offer price is at a modest discount to Akzo Nobel India’s recent market price of ₹3,482, but still reflects a significant control premium.

- If fully subscribed, JSW Paints and its affiliates could end up owning close to 100% of Akzo Nobel India, triggering a potential delisting scenario.

- The open offer is being made under SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) Regulations, and will be managed by JM Financial.

- The deal is expected to reshape India’s paints industry, with JSW Paints emerging as a top-four player in both decorative and industrial segments.

 

This move is part of JSW Group’s broader push into consumer-facing businesses, complementing its presence in steel, cement, and infrastructure. The open offer timeline and shareholder response will now be closely watched, especially given the premium valuation and potential for a reverse merger.

 

Sources: BusinessWorld, Economic Times, Moneycontrol