JSW Trust Sells Rs 12.1 Billion Stake to Aid Akzo Deal

20 May 2025 CW Team

Of the total divestment, 0.88 per cent was offloaded directly to Singapore’s sovereign entity, which acquired approximately 18.4 million shares via block deals at Rs 288 each, amounting to Rs 5.31 billion, according to National Stock Exchange data.

The share sale supports two objectives: meeting the Securities and Exchange Board of India (SEBI) mandate requiring listed companies to maintain at least 25 per cent public float, and raising capital for the prospective acquisition of Akzo Nobel India from its Dutch parent. The acquisition would mark JSW’s expansion into the consumer-facing paints sector, providing access to a strong distribution network and the well-established Dulux brand—particularly valuable amidst increasing competition from new entrants like the Aditya Birla Group.

Parth Jindal, representing the next generation of the Jindal family, is reportedly leading negotiations with Akzo Nobel NV. An announcement is expected shortly, according to bankers familiar with the talks. Akzo Nobel NV currently holds a 75 per cent stake in its Indian subsidiary.

JSW Infrastructure, which debuted on the stock market in October 2023, closed at Rs 288.25 per share on 16 May, giving the company a market capitalisation of approximately Rs 605.3 billion. Shares of Akzo Nobel India rose 3.3 per cent to Rs 3,597 on the same day.

As of 31 March, the Sajjan Jindal Family Trust held 80.72 per cent of JSW Infra, while total promoter shareholding stood at 85.62 per cent. Under SEBI regulations, the promoter group has until September 2026 to bring its stake below the 75 per cent threshold. In a recent filing, JSW Infrastructure confirmed the promoter group, represented by Sajjan and Sangita Jindal, would reduce its holding by up to 2 per cent through open market sales between 13 May 2025 and 31 March 2026.

The Sajjan Jindal Family Trust has divested a 2 per cent stake in JSW Infrastructure Ltd — India’s second-largest commercial port operator — for Rs 12.1 billion, selling shares to institutional investors including the Government of Singapore. The move is part of efforts to comply with public shareholding norms and potentially fund JSW Group’s planned acquisition of Akzo Nobel India.Of the total divestment, 0.88 per cent was offloaded directly to Singapore’s sovereign entity, which acquired approximately 18.4 million shares via block deals at Rs 288 each, amounting to Rs 5.31 billion, according to National Stock Exchange data.The share sale supports two objectives: meeting the Securities and Exchange Board of India (SEBI) mandate requiring listed companies to maintain at least 25 per cent public float, and raising capital for the prospective acquisition of Akzo Nobel India from its Dutch parent. The acquisition would mark JSW’s expansion into the consumer-facing paints sector, providing access to a strong distribution network and the well-established Dulux brand—particularly valuable amidst increasing competition from new entrants like the Aditya Birla Group.Parth Jindal, representing the next generation of the Jindal family, is reportedly leading negotiations with Akzo Nobel NV. An announcement is expected shortly, according to bankers familiar with the talks. Akzo Nobel NV currently holds a 75 per cent stake in its Indian subsidiary.JSW Infrastructure, which debuted on the stock market in October 2023, closed at Rs 288.25 per share on 16 May, giving the company a market capitalisation of approximately Rs 605.3 billion. Shares of Akzo Nobel India rose 3.3 per cent to Rs 3,597 on the same day.As of 31 March, the Sajjan Jindal Family Trust held 80.72 per cent of JSW Infra, while total promoter shareholding stood at 85.62 per cent. Under SEBI regulations, the promoter group has until September 2026 to bring its stake below the 75 per cent threshold. In a recent filing, JSW Infrastructure confirmed the promoter group, represented by Sajjan and Sangita Jindal, would reduce its holding by up to 2 per cent through open market sales between 13 May 2025 and 31 March 2026.

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