Akzo Nobel India Limited has informed the Exchange about Agreements
JSWDULUX · price
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JSW Paints Limited has signed a Share Purchase Agreement (SPA) on 27th June 2025 with the existing promoters of Akzo Nobel India — Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V. — to acquire up to their entire shareholding in the company. To support the deal, Akzo Nobel India has also entered into a Standstill Undertaking with JSW Paints, restricting material changes to its operations, capital structure, related party transactions, and large expenditures without the acquirer's prior consent until the deal closes. The transaction is not a related party deal, and no special rights like board nominations have been granted under the standstill. The deal size, open offer details, and final consideration are not disclosed in this filing and are expected to be announced later.
This is a significant change-of-control event for Akzo Nobel India, with JSW Paints — a major domestic paints player — set to take over a listed competitor. The standstill effectively freezes major business decisions until completion, limiting near-term strategic flexibility for the company but signaling a definitive path to acquisition.