JSW Paints may raise about 30 billion rupees ($316.56 million) in bonds to refinance acquisition funding for Akzo Nobel India, Reuters reported, citing two merchant bankers with direct knowledge.
The bankers said proceeds would likely go toward repaying borrowings taken on for the transaction. They described bonds with four- and five-year maturities. JSW Paints did not respond to Reuters’ request for comment.
JSW Paints issued 33 billion rupees in non-convertible debentures (NCDs) in November 2025. The Bombay Stock Exchange (BSE) listing notice shows the company allotted 330,000 securities on Nov. 10, each with a face value of 100,000 rupees. The securities carry 3.65% annual interest and are scheduled for redemption on Nov. 10, 2030. Khaitan & Co., the company’s legal adviser, said some proceeds were intended to fund the purchase of Akzo Nobel India shares. It also said ICRA rated the debentures AA- with a stable outlook and named MUFG, Mizuho, JPMorgan Chase, Barclays, SMBC and DBS among subscribers.
ICRA’s Oct. 7, 2025, rating report said JSW Paints’ external debt-to-operating profit before depreciation, interest, taxes and amortization ratio would remain above four times in the medium term. It said the rated NCD would likely need refinancing toward the end of its tenure.
JSW Paints announced plans in June 2025 to buy up to 74.76% of Akzo Nobel India. The Competition Commission of India approved an acquisition of up to 75% on Sept. 16. JSW Paints said it completed the purchase on Dec. 10, acquiring a 60.76% stake from Akzo Nobel N.V. and affiliates. Including 0.44% acquired in an earlier open offer, the company said its stake reached 61.2%.
The bankers cited by Reuters said the proposed bond sale could take place in the next couple of weeks from Oct. 22, 2026.
