Akzo Nobel India shares rise nearly 4% today after JSW Paints acquisition deal
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.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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