Morgan Stanley India Company Private Limited has submitted to the Exchange a copy of Public Announcement  of  Open offer with Respect to Akzo Nobel India Limited (the Target Company ) by JSW Paints Limited  under Regulation 3 (1) and  4 read with Regulations 13(1), 14 and 15 (1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and the Acquirer, pursuant to and in compliance with the requirements of the Securities and Exchange Board of India ( Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended (the SEBI (SAST) Regulations ).

JSW Paints Limited, part of the JSW Group (Sajjan Jindal), along with PACs JTPM Metal Traders and JSW EduInfra, has announced a mandatory open offer to public shareholders of Akzo Nobel India Limited to acquire up to 1,14,95,979 equity shares (25.24% of voting capital) at ₹3,417.77 per share, aggregating up to ₹3,929.06 crore in cash. This open offer is triggered by a Share Purchase Agreement (SPA) dated June 27, 2025, under which JSW Paints will buy up to 74.76% stake (3,40,44,335 shares) from existing promoters — Imperial Chemical Industries Ltd and Akzo Nobel Coatings International B.V. — at ₹2,762.05 per share, worth about ₹9,403.21 crore. After the deal and open offer, JSW Paints and PACs will hold up to 75% of Akzo Nobel India, and the current foreign promoters will be reclassified as public shareholders. The transaction is subject to Competition Commission of India approval, and the Detailed Public Statement is expected by July 4, 2025. Morgan Stanley India is the manager to the open offer.