INSUBCONTINENT EXCLUSIVE:
Akzo Nobel India shares will be in focus on Monday after the company announced that Sajjan Jindal-led JSW Paints has issued a draft letter
of offer to acquire up to 1,14,95,979 fully paid-up equity shares
If fully subscribed, the total consideration would amount to Rs 3,929.06 crore in cash.As per SEBI rules, the open offer size is subject to
proportionate reduction to ensure that the combined shareholding of the acquirer and persons acting in concert (PACs) does not exceed 75% of
Based on current public shareholding, if fully subscribed, the open offer would be reduced to 86,21,985 shares (18.93%), and the shares
acquired from the sellers would be adjusted to 2,55,33,250 (56.07%).Last month, JSW Paints announced it would acquire a 74.76% controlling
BV.With this transaction, the Dutch promoter group has fully exited Akzo Nobel India, marking its departure from the Indian decorative
paints market, which has seen heightened competition with the entry of players like the Aditya Birla Group.
Live EventsThe acquisition will
allow JSW Group to expand its presence in the paints industry, which it entered in 2019 and is still establishing its position in.Akzo Nobel
India operates across a broad range of paint and coating segments, including decorative paints, automotive and specialty coatings,
industrial coatings, marine and protective coatings, yacht coatings, and powder coatings.Shares of Akzo Nobel India ended at Rs 3,625 on
Friday, up Rs 25.05 or 0.70% on the BSE.
