Akzo Nobel India shares surge 11% as JSW Paints to become new owner in Rs 9,400 crore deal
ADVERTISEMENT Akzo Nobel promoter entity Imperial Chemical Industries is selling its entire 50.46% while Akzo Nobel Coatings International is also offloading its full 24.30% stake in the deal.
"The exact quantum of shares sold will depend on the number of shares tendered by public shareholders under the mandatory open offer required to be made by the Acquirer in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011," Akzo said in a regulatory filing.
After completion of the open offer and the transactions under the share purchase agreement, JSW Paints may hold up to 75% of the company's share capital. The deal is subject to various regulatory approvals including that from the Competition Commission of India.Akzo Nobel India, which sells under the 'Dulux' brand in India, has completed seven decades of operations in the country, and currently has a market capitalisation of around Rs 15,000 crore. The company's shares are up about 19% in the last one year. While JSW Paints in unlisted, group holding company JSW Holdings shares were up around 3% to Rs 21,715.
Also Read | JSW Paints to buy Akzo Nobel India for Rs 9000 cr, announcement today
ADVERTISEMENT While JSW Paints, launched in 2019, was among the earliest conglomerates to foray in the paints sector, the company has not been able to garner substantial market share over the years. Five years after its launch, the company posted its first operating profit in fiscal 2024, on a revenue of Rs 2,000 crore.Currently pegged at around Rs 80,000 – Rs 90,000 crore, the Indian paint industry is expected to clock in a 10-12% growth in volumes over the next few years, led by an impetus on housing and higher discretionary incomes.
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