Sajjan Jindal’s JSW Paints (Dulux) paint -making Exo Nobel India (Akzo Nobel India) has taken a step forward to buy a mazority stake. After the exit of the country’s largest Asian Paints, JSW Paints has issued an open offer draft for purchasing 1,14,95,979 Full-Ped Up Equity shares. This Exo is equal to the 25.24% equity stake of Nobel India. Exo Nobel India gave its information on the evening of July 11 in the exchange filing. According to this, JSW Paints, JTPM Metal Traders and JSW Eduinfra will buy its stock at a price of ₹ 3,417.77.
What is the plan of JSW Paints?
JSW Paints said last month that it would acquire a mazority stake in Exo Nobel India for ₹ 8,986 crore. The company planned to buy 74.76% stake in ₹ 8,986 crore from its Dutch promoters and holding entities Imperial Chemical Industries and Exo Nobel Coatings International-BV. After this deal, Dutch Promoters of Exo Nobel India have come out completely from the Indian Decorative Paints Market. Through this deal, the paint segment of JSW Group has moved forward. It entered this segment in the year 2019.
After this deal, the group has now introduced an open offer. However, the special thing is that if the open offer will be adjusted in such a way that the rule of at least 25% of public shareholding is not broken. This means that the maximum 75% stake of JSW Group can be in it. In such a situation, if the open offer is full subscribed according to the current public shareholding, then the maximum size of the open offer will be reduced to 18.93% (86,21,985 shares) and the number of shares received with sellers will come to 2,55,33,250 (56.07%). According to the shareholding pattern of March 2025, it has a public shareholding 25.24%.
How is the situation of Akzo Nobel India?
Exo Nobel India has a large presence in paint and coating segments. It sells decorative paints, automatic and special coatings, industrial coatings, marines, protective, yay coatings and powder coatings. Now, talking about shares, it closed at ₹ 3643.35 with a 1.21% gains on BSE on a trading day earlier on Friday 11 July. In the last one year, Talking to Exo Nobel India shares were at ₹ 2,775.00 on 23 July 2024 last year, which is a one -year record low for its shares. From this lower level, it jumped 67.53% in two and a half months to ₹ 4,649.00 on 9 October 2025, which is a record high level for its shares.
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