Morgan Stanley India Company Private Limited has Submitted to the Exchange a copy of detailed public statement in terms of Regulation 3(1) and 4 read with Regulations 13(4), 14(3) and 15(2) and other applicable Regulations of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended, to the public shareholders of the Company.
JSWDULUX · price
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JSW Paints Limited (part of the JSW Group, Sajjan Jindal family) is making a mandatory open offer to public shareholders of Akzo Nobel India Limited (NSE: AKZOINDIA, BSE: 500710) to acquire up to 1,14,95,979 equity shares (25.24% of voting capital) at INR 3,417.77 per share, aggregating to about INR 3,929 crore. This follows a Share Purchase Agreement signed on June 27, 2025, under which JSW Paints will buy up to 74.76% (3,40,44,335 shares) from the existing promoters — Imperial Chemical Industries Ltd (UK) and Akzo Nobel Coatings International B.V. (Netherlands) — for up to INR 9,403 crore. The total deal value is approximately INR 13,300 crore. The open offer is mandatory under SEBI's takeover regulations since the acquisition crosses the 25% threshold with control. Post-deal, JSW Paints will become the new promoter, and the AkzoNobel Group sellers will be reclassified as public shareholders. The transaction awaits Competition Commission of India approval.
Public shareholders of Akzo Nobel India get a cash exit opportunity at INR 3,417.77 per share, which is notably above the negotiated SPA price of up to INR 2,762.05. The stock may see heightened trading activity and likely re-rating near the open offer price. For JSW Paints, this marks its largest acquisition yet, making it a major player in India's decorative and industrial paints market alongside Asian Paints and Berger.