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Time of India

Akzo Nobel India shares in focus after JSW Paints launches open offer for 25.24% stake

Akzo Nobel India shares will be in focus on Monday after the company announced that Sajjan Jindal-led JSW Paints has issued a draft letter of offer to acquire up to 1,14,95,979 fully paid-up equity shares . This open offer represents up to 25.24% of the company's voting share capital. The offer is priced at Rs 3,417.77 per share, subject to adjustments under Regulation 8(9) of SEBI's SAST Regulations, 2011. If fully subscribed, the total consideration would amount to Rs 3,929.06 crore in cash. As per SEBI rules, the open offer size is subject to proportionate reduction to ensure that the combined shareholding of the acquirer and persons acting in concert (PACs) does not exceed 75% of the voting share capital. Based on current public shareholding, if fully subscribed, the open offer would be reduced to 86,21,985 shares (18.93%), and the shares acquired from the sellers would be adjusted to 2,55,33,250 (56.07%). Last month, JSW Paints announced it would acquire a 74.76% controlling stake in Akzo Nobel India for Rs 8,986 crore from its Dutch promoters—Imperial Chemical Industries and Akzo Nobel Coatings International BV. With this transaction, the Dutch promoter group has fully exited Akzo Nobel India, marking its departure from the Indian decorative paints market, which has seen heightened competition with the entry of players like the Aditya Birla Group. The acquisition will allow JSW Group to expand its presence in the paints industry, which it entered in 2019 and is still establishing its position in. Akzo Nobel India operates across a broad range of paint and coating segments, including decorative paints, automotive and specialty coatings, industrial coatings, marine and protective coatings, yacht coatings, and powder coatings. Shares of Akzo Nobel India ended at Rs 3,625 on Friday, up Rs 25.05 or 0.70% on the BSE.