JSW Paints Makes Bold Move with Akzo Nobel Stake Acquisition
JSW Paints Ltd has announced the acquisition of a majority stake in Akzo Nobel India for around Rs 9,000 crore. The move led to a significant surge in Akzo Nobel India's share prices, increasing nearly 8% on both BSE and NSE. This acquisition is part of JSW's strategic expansion.
- Country:
- India
In a significant development, JSW Paints Ltd has acquired a majority stake in Akzo Nobel India, a move that sent the latter's shares soaring nearly 8% in Friday morning trade.
On the Bombay Stock Exchange (BSE), Akzo Nobel India's shares rose to Rs 3,436.70, while on the National Stock Exchange (NSE), they climbed to Rs 3,436.90. This acquisition boosts the company's market valuation by Rs 791.49 crore, reaching a total of Rs 15,330.69 crore.
JSW Paints has entered into definitive agreements to purchase up to 74.76% of Akzo Nobel India from Akzo Nobel N.V. and its affiliates for a maximum of Rs 8,986 crore. This strategic acquisition is subject to certain closing adjustments.
(With inputs from agencies.)
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- JSW Paints
- Akzo Nobel
- India
- stake acquisition
- BSE
- NSE
- shares
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