JSW Paints to acquire Akzo Nobel India in landmark deal

Akzo Nobel India (BSE:AKZOINDIA) announced a significant shift in its ownership structure as its promoters, Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V., entered into a Share Purchase Agreement (SPA) with JSW Paints Limited on June 27, 2025. Pursuant to the agreement, JSW Paints will acquire the promoters' entire shareholding in Akzo Nobel India, representing 74.76% of the voting share capital for a SPA price of INR2,762.05 per share, subject to adjustments. This transaction triggers a mandatory open offer by JSW Paints to the public shareholders of Akzo Nobel India, to acquire up to 11,495,979 equity shares, representing 25.24% of the voting share capital, at an offer price of INR3,417.77 per equity share for a total consideration of up to INR39,290,612,147, payable in cash. Morgan Stanley has been appointed as the manager of the open offer. Post completion of the transactions under the SPA and the open offer, JSW will acquire sole control of the company, resulting in a change in control of the listed entity, and be classified as a sole promoter. Seller 1 and Seller 2 will be reclassified from "promoter" to "public". Further, following the transactions, the original GST demand order has been annuled following the successful application to an Amnesty Scheme..