JSW Paints Ltd has announced an open offer to acquire up to 26% of Akzo Nobel India Ltd’s equity share capital, amounting to approximately ₹2,997 crore.
This move is part of a broader strategy following JSW Paints’ earlier acquisition of a controlling stake in Akzo Nobel India. The open offer is priced at ₹3,231.77 per share, representing a 16% premium over Akzo Nobel India’s closing price of ₹2,776.90 on October 14, 2025.
The open offer, managed by Morgan Stanley India Company Pvt Ltd, is scheduled to commence on October 20, 2025, and will conclude on November 3, 2025.
The offer is subject to the approval of the Committee of Independent Directors of Akzo Nobel India and compliance with the Securities and Exchange Board of India (SEBI) regulations.
JSW Paints, along with its affiliates JTPM Metal Traders Ltd and JSW EduInfra Private Ltd, had previously entered into definitive agreements to acquire a 74.76% stake in Akzo Nobel India for ₹8,986 crore.
This acquisition positions JSW Paints to become the fourth-largest player in India’s competitive paint industry, which is currently dominated by Asian Paints, Berger Paints, and Kansai Nerolac.
The Competition Commission of India (CCI) approved the acquisition in September 2025, indicating that the transaction does not significantly impact market competition.
This strategic move strengthens JSW Paints’ position in the market and signals a trend of increasing mergers and acquisitions in the paints segment.
The open offer is in compliance with SEBI’s Takeover Regulations, which mandate that an acquirer must make a public offer to acquire a minimum of 26% of the target company’s equity share capital if the acquirer, along with its affiliates, acquires more than 25% but less than 75% of the target company’s shares.
The outcome of the open offer will be closely monitored by market participants, as it will determine the extent of JSW Paints’ control over Akzo Nobel India and its future strategic direction in the Indian paint industry.
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