AkzoNobel India Limited has filed a regulatory disclosure under SEBI Insider Trading Regulations following the completion of a major share transaction. The company submitted the disclosure on December 12, 2025, pursuant to Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015, regarding the sale of 16,603,504 equity shares by Imperial Chemical Industries Limited to JSW Paints Limited.

Major Transaction Details

The transaction represents the largest single share transfer in the ongoing consolidation process, with Imperial Chemical Industries completely exiting its promoter status:

Financial Transaction Structure

The deal involves a comprehensive payment structure with both upfront and deferred components:

Shareholding Transformation

The transaction has resulted in a dramatic reduction in Imperial Chemical Industries' stake, with the company retaining only a minority holding:

Regulatory Compliance and Documentation

The company has fulfilled all regulatory requirements under SEBI guidelines. The disclosure was submitted to both BSE Limited and National Stock Exchange of India Limited, confirming compliance with insider trading regulations. Imperial Chemical Industries has been declassified as a promoter following the transaction closure on December 10, 2025, pursuant to Regulation 31A of SEBI Listing Regulations.

Strategic Industry Impact

This transaction marks another significant milestone in JSW Paints' comprehensive acquisition of AkzoNobel India operations. The disclosure confirms that Imperial Chemical Industries will continue as a public shareholder with its reduced 9.00% stake, while JSW Paints strengthens its position in the Indian paints sector through these strategic acquisitions. This consolidation represents a major restructuring in the domestic paints industry landscape.

Akzo Nobel India , a leading decorative and industrial paints company, is set to see a significant change in ownership as JSW Paints announces plans to acquire up to 26% stake in the company. The open offer, valued at ₹2,997.11 crore, marks a substantial move in the Indian paints sector.

Key Details of the Acquisition

• Offer Size: JSW Paints aims to acquire up to 1,18,40,482 fully paid-up equity shares, representing 26% of Akzo Nobel India's voting share capital.
• Offer Price: ₹3,231.77 per equity share.
• Total Consideration: Up to ₹2,997.11 crore, assuming full acceptance.

Strategic Implications

This acquisition is part of a larger transaction where JSW Paints has agreed to purchase up to 74.76% of Akzo Nobel India's voting share capital from its current promoters. The deal structure includes:

1. Direct acquisition of up to 3,40,44,335 equity shares (74.76%) from the current promoters.
2. An open offer to public shareholders for an additional 26% stake.

Financial Arrangements

JSW Paints has made firm financial arrangements for the offer:

• Escrow account established with Kotak Mahindra Bank Limited.
• Bank guarantee of ₹500.00 crore provided.
• Cash deposit of ₹42.00 crore made in the escrow account.

Market Impact

The acquisition is expected to significantly alter the competitive landscape of the Indian paints industry. JSW Paints, part of the $23 billion JSW Group, will gain substantial market share and access to Akzo Nobel India's established brand and distribution network.

Regulatory Approvals

The deal has received approval from the Competition Commission of India, a key regulatory requirement for its completion.

Outlook

This strategic move by JSW Paints underscores its ambition to expand its presence in the Indian paints market. The acquisition of Akzo Nobel India, with its strong market position and diverse product portfolio, is likely to accelerate JSW Paints' growth trajectory and enhance its competitive position in the industry.

Investors and industry observers will be keenly watching how this acquisition unfolds and its potential impact on the dynamics of the Indian paints sector.

Note: The open offer is subject to various terms and conditions as detailed in the Letter of Offer.