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JSW Paints Makes ₹3,929 Cr Open Offer for 25.24% Stake in Akzo Nobel India

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JSW Paints marks a major entry into the paints and coatings sector as it opens an offer for shares up to 25.24% of Akzo Nobel India. JSW Paints is part of the JSW Group, owned by Sajjan Jindal. Hence, the offer has opened for a per share price of ₹3,417.77 and may cost the company as much as ₹3,929.06 crore in cash if completely accepted.

The open offer encompasses up to 1,14,95,979 fully paid-up equity shares of Akzo Nobel India and follows such announcement by JSW Paints a month ago regarding its plan to acquire 74.76% majority stake from the Dutch promoters of the company, namely, Imperial Chemical Industries and Akzo Nobel Coatings International BV, for a price of ₹8,986 crore.

According to the SEBI (Substantial Acquisition of Shares and Takeovers) offer, the offer size may also proportionately be reduced for the purpose that the JSW Paints and its PACs may not exceed 75% ownership post-acquisition. Based on the current public shareholding, the open offer size would be scaled down to 86,21,985 shares, or 18.93%.

Thus, the Dutch promoters would leave the Indian market after this transaction, which is a unique sign of the major change of direction for Akzo Nobel’s operations all over the globe. Akzo Nobel India is also known for its broad portfolio, inclusive of decorative paints, marine, automotive, industrial, protective, and powder coatings.

Thus, it positions JSW Paints to tighten its grasp over the rapidly heating Indian decorative paints market, spurred by the aggressive new entrants such as the Aditya Birla Group. Entering the paint business only in 2019, JSW intends to quickly grow its pace by leveraging Akzo Nobel India’s established brand and market presence.

The shares of Akzo Nobel India stood at ₹3,625 on the BSE Friday, i.e., higher than ₹25.05 or 0.70, above the open offer price of ₹3,417.77.

This acquisition showcases the ambitions of the JSW Group to go beyond steel and cement into the high-competition coating industry.

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