Shares of Akzo Nobel India jumped nearly 4% to ₹3,293.90 on the NSE during Thursday’s session after JSW Paints officially confirmed the acquisition of Akzo Nobel India’s promoter stake.
The company disclosed that its promoters, Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V., have executed a definitive Share Purchase Agreement (SPA) with JSW Paints.
The transaction involves JSW Paints acquiring up to the entire 74.76% promoter stake in Akzo Nobel India at ₹2,762.05 per share, representing a 16% discount to Thursday’s closing price. The deal, valued at nearly ₹9,400 crore, marks a major consolidation in the Indian paints industry.
Following the acquisition, JSW Paints will make an open offer for an additional stake as required under SEBI regulations. Subject to regulatory approvals, JSW is set to become the new promoter of Akzo Nobel India, with the sellers being reclassified to public shareholders.
This strategic move by JSW Paints aims to strengthen its position in India’s decorative and industrial paints market.
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