JSW Group: JSW plans Rs 7,000 crore NCDs for AkzoNobel buy – News Air Insight

Mumbai: The JSW Group is looking to locally raise ₹ 7,000 crore in non-convertible debentures (NCDs) to finance the acquisition of AkzoNobel India (ANIL), people aware of the financing initiative told ET. The bonds carry a tenor of four years and seven months and will be issued in a zero-coupon structure, providing investors an effective IRR of 8.5%.

The group’s investment arm, JTPM Metal Traders, would be used for the issuance, said the people cited above.

The base and total issue size is set at ₹7,000 crore, with no green-shoe option. Of the total, ₹2,100 crore is earmarked for anchor investors, while the remaining ₹4,900 crore will be open for bidding.

The maximum consideration for the stake purchase is estimated at ₹9,400 crore, with the overall deal, including an open offer for remaining shares, valued at approximately ₹12,915 crore.

The NCDs will be issued on September 29 and are backed by corporate guarantees from JSW Group entities, said the sources cited above. The bonds are rated AA by Care Ratings.

A JSW spokesperson did not immediately respond to request for comment. The fundraising is part of JSW’s plan to acquire up to 75% stake in Akzo Nobel India. JTPM signed a share purchase pact on June 27, 2025.