JSW Paints has entered into a share purchase agreement to acquire the entire stake held by Akzo Nobel in its Indian subsidiary, Akzo Nobel India Ltd, gaining sole control of the company, according to a regulatory filing on Friday.
The deal marks a shift in ownership, with JSW Paints set to take over the 50.46% stake currently held by Imperial Chemical Industries, a promoter entity of Akzo Nobel. The transaction is priced at Rs 2,762.05 per share.
Following the agreement, JSW Paints will be required to make an open offer in accordance with SEBI takeover regulations.
The acquisition will result in a change of control of the listed entity, and JSW Paints may end up holding up to 75% of Akzo Nobel India upon completion of the deal.
The transaction underlines JSW Group’s continued expansion into the paints and coatings segment, positioning JSW Paints as a serious contender in a market long dominated by global and domestic giants.
Further details on the timeline and regulatory approvals are awaited.
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