Akzo Nobel India Limited has informed the Exchange about Share Purchase Agreement as executed between the Promoters of the Company and JSW Paints Limited
JSWDULUX · price
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On the reaction day the stock moved 5.7 pts more than Nifty Smallcap 250 and 5.8 pts more than its Paints peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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On 27 June 2025, the promoters of Akzo Nobel India Limited — Imperial Chemical Industries Limited (50.46%) and Akzo Nobel Coatings International B.V. (24.30%) — entered into a Share Purchase Agreement with JSW Paints Limited to sell up to their entire combined 74.76% stake. The agreed price per share under the SPA is INR 2,762.05. As a result, JSW Paints will be required to make a mandatory open offer to public shareholders under the SEBI Takeover Code, and after completion, JSW could hold up to 75% of the company, becoming the sole promoter. The transaction will result in a change of control of Akzo Nobel India. The deal is subject to approvals including the Competition Commission of India and completion of the open offer. Akzo Nobel N.V. will also enter into brand and IP licensing agreements with the Indian entity as part of the transition.
This is a significant event for shareholders — existing public investors will get an opportunity to tender shares in the mandatory open offer at a price benchmarked around INR 2,762.05 per share. A change of control to JSW Paints is expected, which could lead to stock price re-rating based on open offer dynamics and acquirer strategy.