Key investors participated in the block deals, collectively acquiring 22.7 lakh shares at an average price of Rs 3,358.8 per share.
In a secondary market transaction, financial institutions like Goldman Sachs, Morgan Stanley and others have acquired a combined 5 per cent stake in Akzo Nobel India for around Rs 765 crore. The development coincides with JSW Paints’ acquisition of a majority stake in the company.
Data from the National Stock Exchange revealed that key investors participated in the block deals, collectively acquiring 22.7 lakh shares at an average price of Rs 3,358.8 per share. In a separate development, JSW Group is preparing to raise Rs 7,000 crore through non-convertible debentures (NCDs) to support its acquisition of Akzo Nobel India.
The debt instruments will have a tenor of four years and seven months and will be structured as zero-coupon bonds, offering investors an effective internal rate of return of 8.5 per cent, according to media reports.
The issuance will be routed through JTPM Metal Traders, the group’s investment arm. The entire issue size is pegged at Rs 7,000 crore without any green-shoe option. Of this, around Rs 2,100 crore will be reserved for anchor investors, while the remaining Rs 4,900 crore will be available for bidding. JSW Paints has secured the approval from the Competition Commission of India (CCI) to acquire 75 per cent stake in Dutch paint maker Akzo Nobel’s Indian unit.
