Latest news with #SubstantialAcquisitionofSharesandTakeovers
Time of India
2 days ago
- Business
- Time of India
JSW Paints to acquire up to 75% stake in Akzo Nobel India for ₹9,446 crore
NEW DELHI: JSW Paints has entered into a definitive agreement to acquire up to 75% stake in Akzo Nobel India (ANIL), marking one of the biggest moves in India's decorative paints industry. The transaction, set through a share purchase agreement (SPA) dated June 27, 2025, involves the purchase of the entire promoter shareholding from Imperial Chemical Industries and Akzo Nobel Coatings International B.V. —the two holding companies owning a combined 74.76% in Akzo Nobel India. According to the SPA, JSW Paints has agreed to acquire up to 34,044,335 equity shares, representing approximately 74.76% of the total share capital of Akzo Nobel India, at a price of ₹2,762.05 per equity share. The total consideration for the acquisition, assuming full purchase of the promoter stake, amounts to ₹9,446.22 crore. The sellers—Imperial Chemical Industries Ltd and Akzo Nobel Coatings International B.V.—currently hold 22,977,544 shares (50.46%) and 11,066,791 shares (24.30%) in Akzo Nobel India respectively. As per regulatory requirements under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, JSW Paints will also be making a mandatory open offer to acquire an additional 26% stake from public shareholders. Upon completion of the SPA and open offer, JSW Paints may acquire control of up to 100% of Akzo Nobel India, subject to the level of public participation in the offer. Following the completion of the transaction, JSW Paints is expected to be reclassified as the promoter of the company, and the current promoters will be moved to the public shareholder category. Akzo Nobel India has informed the stock exchanges that Akzo Nobel N.V., the ultimate parent company of the sellers, intends to enter into certain transitional brand and intellectual property licensing arrangements with Akzo Nobel India. These arrangements will allow continued use of the Akzo Nobel brand and related IP in India for a defined period. These agreements will be executed prior to the closing of the transaction and shared with the stock exchanges in accordance with applicable regulatory norms. The deal follows Akzo Nobel N.V.'s strategic review of its South Asia decorative paints business, which was first disclosed in October 2024. During the period between signing and closure, both parties have agreed to certain interim obligations under a standstill undertaking, ensuring business continuity and adherence to agreed covenants. The net cash proceeds are expected to be approximately €900 million of which around €500 million will be used for deleveraging. Following closing, AkzoNobel intends to launch a €400 million share buyback program, said Akzo Nobel N.V. The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership. This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at focusing the company's capital and capabilities on leading positions in key global coatings markets, said the company. The transaction is expected to be completed in the fourth quarter of 2025. The proposed acquisition is one of the largest control deals in the Indian paints sector and will proceed through a combination of negotiated purchase and public open offer. Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor.
Economic Times
2 days ago
- Business
- Economic Times
Akzo Nobel India shares surge 11% as JSW Paints to become new owner in Rs 9,400 crore deal
Akzo Nobel India shares jumped 10.66% to Rs 3192.60 on BSE on Friday after the company announced that the promoters have signed a share purchase agreement to sell 74.76% stake to JSW Paints in a Rs 9,400 deal. The transaction is priced at Rs 2,762.05 per share, a 16% discount to Thursday's closing price. 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 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 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. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
4 days ago
- Business
- Economic Times
CCI okays Bain Capital's proposal to acquire stake in Manappuram Finance
The Competition Commission of India (CCI) has approved Bain Capital's proposed acquisition of a stake in Manappuram Finance and Manappuram Asset Finance. Bain Capital, through its affiliates, will acquire shares via private placement, warrants, and an open offer, potentially reaching an 18% stake in Manappuram Finance. This deal, valued at Rs 4,385 crore, is subject to SEBI's SAST rules. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Competition Commission of India (CCI) on Tuesday approved Bain Capital 's proposed acquisition of a stake in Manappuram Finance Bain Capital through its two affiliates -- BC Asia Investments XXV and BC Asia Investments XIV -- will acquire stakes in Manappuram Finance Ltd (MFL)."The proposed transaction involves four phases, where BC Asia Investments XXV (acquirer 1) will subscribe to 9.29 crore fully paid-up equity shares of MFL through private placement and preferential allotment."Further, subscription to 9,29,01,373 warrants of MFL by acquirer 2 (BC Asia Investments XIV), which can be exercised (in one or more tranches) at any point between 4 to 18 months from their date of allotment, each carrying a right to subscribe to 1 equity share of MFL," the regulator said in a Asia Investments XXV and its persons acting in concert are also offering to purchase up to 24.42 crore fully paid-up equity shares through an open offer, representing 26 per cent of the expanded voting share capital from public shareholders of MFL, as per the the transaction will trigger a mandatory open offer under the Sebi's SAST (Substantial Acquisition of Shares and Takeovers) the competition watchdog also granted its approval for the acquisition of Manappuram Asset Finance Ltd (MAFL) by Manappuram Finance."CCI approves proposed combination involving acquisition in Manappuram Finance Ltd and Manappuram Asset Finance Ltd by Bain Capital," the competition watchdog said in a post on primarily provides gold loans , vehicle loans, and MSME loans. MAFL is mainly engaged in providing gold March this year, Bain Capital announced that it entered into definitive agreements to acquire joint control in MFL through its affiliates, BC Asia Investments XXV and BC Asia Investments XIV, in partnership with the existing part of the agreement, Bain Capital will invest Rs 4,385 crore to acquire an 18 per cent stake in MFL on a fully diluted basis via preferential allotment of equity and deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Time of India
5 days ago
- Business
- Time of India
CCI okays Bain Capital's proposal to acquire stake in Manappuram Finance
The Competition Commission of India (CCI) on Tuesday approved Bain Capital 's proposed acquisition of a stake in Manappuram Finance . Bain Capital through its two affiliates -- BC Asia Investments XXV and BC Asia Investments XIV -- will acquire stakes in Manappuram Finance Ltd (MFL). "The proposed transaction involves four phases, where BC Asia Investments XXV (acquirer 1) will subscribe to 9.29 crore fully paid-up equity shares of MFL through private placement and preferential allotment. "Further, subscription to 9,29,01,373 warrants of MFL by acquirer 2 (BC Asia Investments XIV), which can be exercised (in one or more tranches) at any point between 4 to 18 months from their date of allotment, each carrying a right to subscribe to 1 equity share of MFL," the regulator said in a release. BC Asia Investments XXV and its persons acting in concert are also offering to purchase up to 24.42 crore fully paid-up equity shares through an open offer, representing 26 per cent of the expanded voting share capital from public shareholders of MFL, as per the release. Live Events Thereafter, the transaction will trigger a mandatory open offer under the Sebi's SAST (Substantial Acquisition of Shares and Takeovers) rules. Additionally, the competition watchdog also granted its approval for the acquisition of Manappuram Asset Finance Ltd (MAFL) by Manappuram Finance . "CCI approves proposed combination involving acquisition in Manappuram Finance Ltd and Manappuram Asset Finance Ltd by Bain Capital," the competition watchdog said in a post on X. MFL primarily provides gold loans , vehicle loans, and MSME loans. MAFL is mainly engaged in providing gold loans. In March this year, Bain Capital announced that it entered into definitive agreements to acquire joint control in MFL through its affiliates, BC Asia Investments XXV and BC Asia Investments XIV, in partnership with the existing promoters. As part of the agreement, Bain Capital will invest Rs 4,385 crore to acquire an 18 per cent stake in MFL on a fully diluted basis via preferential allotment of equity and warrants. The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Mint
19-06-2025
- Business
- Mint
Ambuja Cements raises stake in Orient Cement to 72.66%. Details here
Adani Group stock Ambuja Cements has acquired a 26 percent stake in Orient Cement, pushing its total shareholding in the company to 72.66 percent. The strategic acquisition was executed via an open offer under SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011, and marks a major consolidation move within the Indian cement sector. In a regulatory filing dated June 18, 2025, Ambuja Cements disclosed the purchase of 5.34 crore equity shares in Orient Cement at ₹ 395.40 apiece. This acquisition—amounting to exactly 26 percent of Orient Cement's total share capital—was conducted through an open offer extended to public shareholders. Prior to this transaction, Ambuja held 9.58 crore shares or 46.66 percent stake in the company. With this latest round of acquisition, its total ownership has risen to 14.92 crore shares, accounting for 72.66 percent of Orient Cement's equity. The transaction did not involve any complex financial instruments such as convertible securities, warrants, or pledged shares. Ambuja acquired only direct equity shares with voting rights, making the deal transparent and compliant with regulatory guidelines. The acquisition is part of Ambuja Cements' long-term expansion strategy and dovetails with the Adani Group's broader ambitions in the infrastructure and building materials space. By crossing the 70 percent ownership threshold in Orient Cement, Ambuja is expected to gain greater operational control and the ability to drive synergies across manufacturing, logistics, and marketing. This move comes at a time when the Adani Group is aggressively scaling up capacity through both organic and inorganic routes. With Orient Cement now firmly under its control, Ambuja could leverage its distribution and production capacity more efficiently across regions. In a post-deal note, global brokerage Jefferies maintained a bullish stance on Ambuja Cements. 'We maintain our 'Buy' rating on Ambuja Cement with a target price of ₹ 700, implying a 29 percent upside from current levels,' the brokerage said. Jefferies also highlighted that management is on track to scale cement capacity to 140 million tonnes per annum by FY28, up from 100 MTPA currently. 'The company is focused on cost efficiencies and expects industry demand to recover to 7-8 percent in FY26,' Jefferies added. According to the management, recent pricing trends have also shown improvement, indicating a more favorable operating environment going forward. Despite the strategic significance of the deal, the market reaction has been mixed. Ambuja Cement shares traded flat on June 19, slipping marginally by less than one percent. The stock is down over 2 percent so far in June. Meanwhile, Orient Cement has seen significant volatility. After plunging over 16 percent in the previous session, the stock fell another 1 percent in intra-day trading today. For June so far, Orient Cement has tanked nearly 28.5 percent, likely reflecting investor concerns around valuation, open offer pricing, or future integration uncertainties. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
