JSW Paints Limited has successfully completed its maiden issuance of listed, rated, unsecured, redeemable non-convertible debentures (NCDs) aggregating to ₹3,300 crore.
The NCDs have been rated AA- (Stable) by ICRA Limited and were subscribed by a consortium of leading global financial institutions, including:
MUFG Bank, Ltd., GIFT Branch
Mizuho Bank Ltd., Singapore Branch
JP Morgan Chase Bank, N.A.
Barclays Merchant Bank (Singapore) Limited
Sumitomo Mitsui Banking Corporation
DBS Bank Limited
The fundraise marks a significant capital markets milestone for JSW Paints as the company prepares for strategic expansion in India’s paints and coatings sector.
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Use of Proceeds
JSW Paints intends to utilise the proceeds of this NCD issuance for, inter alia, the acquisition of shares of Akzo Nobel India Limited.
The proposed acquisition positions JSW Paints to become a far more significant contender in the Indian paints market, complementing the company’s ongoing national growth and diversification strategy.
Legal Advisory by Khaitan & Co (Counsel to JSW Paints)
Khaitan & Co acted as the legal counsel to JSW Paints on this NCD issuance.
Transaction & Documentation Team
Manisha Shroff, Partner
Arijit Sarkar, Partner
Anushka Sinha, Senior Associate
Akshansh Sharma, Senior Associate
Khushboo Damakia, Associate
Priyam Indurkhya, Associate
Acquisition & General Corporate Advisory
Shishir Vayttaden, Partner
Surbhi Ajitsaria, Principal Associate
Harishankar Raghunath, Associate
MTO Advisory
Abhishek Dadoo, Partner
Jayantika Khanna, Principal Associate
Corporate Governance & SEBI Disclosure
Sharad Abhyankar, Partner
Saranya Mishra, Senior Associate
Preksha Diwakar, Associate
Funds Advisory
Divaspati Singh, Partner
Merger Structuring Advisory
Mehul Shah, Partner
Data Privacy Advisory
Ishan Johri, Partner
Competition Advisory
Anisha Chand, Partner
Alisha Mehra, Principal Associate
CCD / OCD Leg
Siddarth Goel, Senior Associate
Closing Assistance
Rajshekhar Upadhyaya, Principal Associate
Legal Advisory by Talwar Thakore & Associates (TT&A) — Counsel to NCD Subscribers
TT&A advised the institutional subscribers, including MUFG Bank, Mizuho Bank, JP Morgan Chase Bank, Barclays, SMBC and DBS Bank.
Transaction Team
Rahul Gulati, Partner
Rituparno Bhattacharya, Partner
Nakul Sonejee, Managing Associate
Nikita Agarwal, Managing Associate
Pallav Rathi, Senior Associate
Adesh Sharma, Associate
Rajeev Dadhich, Associate
Kashish Agarwal, Associate
Why This Deal Matters
Represents JSW Paints’ first-ever listed NCD issuance.
Secures participation from globally significant institutions, signalling strong market confidence.
The proposed acquisition of Akzo Nobel India shares is poised to reshape JSW Paints’ competitive positioning.
Strengthens JSW Group’s ongoing expansion in India’s building materials and consumer segment.
Also Read: Vitruvian Partners invests ₹800 crore in Hiranandani Financial Services | CAM advises
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions
