Description

JSW Paints Limited to acquire up to 1,18,40,482 equity shares of Akzo Nobel India Limited at Rs. 3,231.77 per share through web-based bidding platform from October 23 to November 6, 2025.

Summary

JSW Paints Limited (Acquirer) is conducting a takeover offer for Akzo Nobel India Limited through NSE’s web-based bidding platform. The offer is for up to 1,18,40,482 equity shares (26% of voting share capital) at a fixed price of Rs. 3,231.77 per share. The bidding period runs from October 23, 2025 to November 6, 2025. The offer is conducted under the Tender Offer Scheme in accordance with SEBI (SAST) Regulations, with provisions for proportionate reduction to ensure the acquirer’s post-offer shareholding does not exceed 75% of voting share capital.

Key Points

  • Acquirer: JSW Paints Limited
  • Target Company: Akzo Nobel India Limited (Symbol: AKZOINDIA)
  • Offer Size: Up to 1,18,40,482 equity shares (26% of voting share capital)
  • Offer Price: Rs. 3,231.77 per equity share (fixed price)
  • Face Value: Rs. 10 per share
  • Lot Size: 1 equity share
  • ISIN: INE133A01011
  • Issue Type: Fixed price takeover offer
  • Merchant Banker: Morgan Stanley India Company Private Limited
  • Registrar: KFin Technologies Limited
  • Platform: NSE web-based bidding platform (https://eipo.nseindia.com)
  • Order Modification: Not permitted for takeover offers - no quantity changes or cancellations allowed
  • Eligible Participants: All trading members of Capital Market segment

Regulatory Changes

This offer follows the Tender Offer Scheme outlined in NSE circular NSE/CMTR/52776 dated June 29, 2022. The offer includes a proportionate reduction mechanism as per the first proviso to Regulation 7(4) of SEBI (SAST) Regulations to ensure post-acquisition shareholding does not exceed 75% of voting share capital.

Proportionate Reduction Mechanism: If 1,18,40,482 or more equity shares are tendered, the open offer size will be reduced to 92,73,902 equity shares (~20.36% of voting capital) and shares from sellers will be reduced to 2,48,81,333 equity shares (~54.64% of voting capital).

Compliance Requirements

For Trading Members:

  • Use existing user IDs from web-based IPO bidding platform for login
  • Members without system access must use admin terminal (User ID: Adminxxxxx where xxxxx is Member Code)
  • Create branches and users through admin terminal to participate in bidding
  • Note that order modification and cancellation are NOT permitted for takeover offers

Investor Categories Eligible:

  1. Foreign Institutional Investors (FII)
  2. Mutual Funds (MF)
  3. Insurance Companies (IC)
  4. Banks & Financial Institutions (FI)
  5. Other QIBs (OTH)
  6. Bodies Corporate (CO)
  7. Individuals (IND)
  8. Other Non-Institutional Investors (NOH)

Important Dates

  • Circular Date: October 15, 2025
  • Bidding Period: October 23, 2025 to November 6, 2025
  • Bidding Time: 9:15 AM to 3:30 PM (daily)
  • Custodial Confirmation Time: 9:15 AM to 3:30 PM (regular days)
  • Custodial Confirmation on Issue Closure Day: 9:15 AM to 4:00 PM (November 6, 2025)

Impact Assessment

Market Impact: High - This is a significant acquisition involving a major paint and coatings company. JSW Paints’ takeover of up to 26% of Akzo Nobel India Limited represents a major consolidation in the paints industry.

Shareholder Impact: High - Public shareholders of Akzo Nobel India Limited have an exit opportunity at Rs. 3,231.77 per share. The proportionate reduction mechanism ensures fair treatment while maintaining regulatory shareholding limits.

Operational Impact: All Capital Market segment trading members can facilitate the tender process for their clients. The restriction on order modifications requires careful planning by investors and brokers.

Strategic Impact: This acquisition could lead to significant changes in market dynamics in the Indian paints industry, with potential implications for competition and market share distribution.

Contact Information: For queries, members can reach NSE at toll-free number 1800-266-0050 (Option 1) or email msm@nse.co.in.

Impact Justification

Major takeover offer involving up to 26% of voting share capital of Akzo Nobel India Limited with significant implications for shareholders and market participants