JSW Paints Announces ₹2,997 Crore Open Offer to Acquire 26% Stake in Akzo Nobel India

JSW Paints Ltd has announced an open offer to acquire up to 26% of the equity share capital of Akzo Nobel India Ltd. The move is part of a broader acquisition strategy following the company’s earlier purchase of a controlling stake in the Dutch paint maker.

Details of the Open Offer

The open offer, managed by Morgan Stanley India Company Private Ltd, proposes the acquisition of up to 1,18,40,482 fully paid-up equity shares of face value ₹10 each from public shareholders at a price of ₹3,231.77 per share. Assuming full acceptance, the total consideration for the offer is estimated at approximately ₹2,997.11 crore.

The offer has been issued in line with a public announcement dated June 27, 2025 and a detailed public statement released on July 4, 2025. The size of the open offer may be adjusted proportionally to ensure that the combined shareholding of JSW Paints and persons acting in concert does not exceed 75% of Akzo Nobel India’s voting share capital. 

If fully subscribed, the maximum acquisition under the open offer may be reduced to 92,73,902 shares, representing roughly 20.36% of the company’s voting capital.

Context of the Acquisition

Earlier this year, JSW Paints had announced the acquisition of a 74.76% stake in Akzo Nobel India as part of a ₹12,915-crore deal. The acquisition was aimed at strengthening the company’s position in the paint industry and expanding its presence in key segments. 

Alongside this stake purchase, the open offer allows JSW Paints to acquire additional shares from the public market, reinforcing its shareholding while adhering to regulatory limits.

Market Reaction

As of October 15, 2025, 10:44 AM, Akzo Nobel India share price stood at ₹3,327.70, down ₹25.80 or 0.77% on the NSE. The stock moved within a day’s range of ₹3,309.00 to ₹3,359.90, opening at ₹3,359.90 and previously closing at ₹3,353.50. 

Trading volume for the session was 7,996 shares. Over the past 52 weeks, Akzo Nobel India share price has fluctuated between ₹3,022.00 and ₹4,674.00, with a market capitalisation currently at ₹15,243 crore.

Read more: Goldman Sachs, Morgan Stanley Buy 5% Stake in Akzo Nobel India for ₹765 Crore Amid JSW Paints Deal

Strategic Implications

The open offer represents a significant step in JSW Paints’ growth strategy, allowing it to consolidate its holdings and strengthen market presence. By securing additional shares from public shareholders, the company can streamline operations and leverage synergies across production, distribution, and marketing of paint products.

The combination of the controlling stake acquisition and the open offer positions JSW Paints to play a more substantial role in the domestic paint industry, offering opportunities to optimise its portfolio while expanding market reach.

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