Jindal family sells stake worth ₹1.2K crore to fund AkzoNobel India buy

Singapore govt buys 0.88% in JSW Infra for ₹531 crore

The Sajjan Jindal Family Trust has offloaded 2 per cent in JSW Infrastructure Ltd — India’s second-largest commercial port operator — in a ₹1,210 crore transaction to multiple institutional investors, including the Singapore government, in a bid to fund the potential acquisition of AkzoNobel India. 

The trust has offloaded 0.88 per cent stake in JSW Infra to the Government of Singapore for ₹531 crore via block deals on Thursday.

 

According to data from the National Stock Exchange (NSE), Singapore's sovereign arm purchased around 18.4 million shares at ₹288 apiece from the promoter group.

 

The share sale is aimed at complying with India’s minimum public shareholding norms by the promoters. It is also for potentially financing JSW Group’s planned acquisition of AkzoNobel India from its Dutch promoter, people familiar with the matter said.

 

This acquisition of Akzo Nobel India will mark JSW’s latest strategic push into the consumer-facing paints segment, where it is aiming to build scale in a market witnessing heightened competition. 

 

The acquisition of AkzoNobel India will give JSW access to a robust nationwide distribution network and the well-recognised Dulux brand, bolstering its presence in a sector recently disrupted by the entry of the Aditya Birla Group.

 

Parth Jindal, scion of the Jindal family, is leading the talks with Akzo Nobel NV and an announcement is expected soon, say bankers.

 

AkzoNobel NV holds a 75 per cent stake in its Indian subsidiary.

 

JSW Infrastructure shares closed at ₹288.25 on the BSE on May 16, valuing the company at about ₹60,533 crore.

 

Akzo Nobel India closed 3.3 per cent up at ₹3,597 a share.

 

The Sajjan Jindal Family Trust held an 80.72 per cent stake in JSW Infrastructure as of March 31, while total promoter shareholding stood at 85.62 per cent.

 

Under the Securities and Exchange Board of India (Sebi) regulations, listed companies must maintain at least 25 per cent public float.

 

JSW Infra, which went public in October 2023, has until September 2026 to bring promoter holdings below the 75 per cent threshold.

 

In a recent filing, JSW Infra said the promoter group, represented by Sajjan Jindal and Sangita Jindal, plans to sell up to 2 per cent of its stake through open market transactions between May 13, 2025, and March 31, 2026.