Firm Matters
BackKhaitan & Co advised JSW Paints Ltd in relation to a transaction for acquisition of a stake up to 74.76% in Akzo Nobel India Ltd (ANIL) from Akzo Nobel N.V. and its affiliates for a consideration of ~INR 9,403 crores, subject to certain closing adjustments ("Proposed Transaction"). The Proposed Transaction is subject to the approval of the Competition Commission of India and the completion of a mandatory tender offer to the public shareholders of ANIL.
This acquisition will trigger an open offer for up to 25.24% stake of the voting share capital of the Company, from its public shareholders by JSW Paints Limited along with persons acting in concert for an amount of up to ~INR 3,929 crores.
This is the first time an acquirer will utilize Regulation 7(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 to pro-rata reduce the transaction size and the open offer size to help maintain public shareholding. This is also the first acquisition in the paints space to be referred before the Competition Commission of India.
Deal Team
The core team consisted of Shishir Jose Vayttaden (Partner), Abhishek Dadoo (Partner), Surbhi Ajitsaria (Principal Associate), Jayantika Khanna (Principal Associate), Riya Sharma (Senior Associate), Gaurang Mansinghka (Senior Associate), Gitika Lahiri (Associate), Harishankar Raghunath (Associate), and Niyati Karia (Associate).
The deal was assisted by:
Intellectual Property: Nirupam Lodha (Partner), Malika Nandkeolyar (Senior Associate), Toshani Mukherjee (Senior Associate) and Vanshika Thapliyal (Associate)
Banking and Finance: Manisha Shroff (Partner), Arijit Sarkar (Partner), Mohit Kishore (Partner), Rajshekhar Upadhyaya (Principal Associate), Anushka Sinha (Senior Associate), Sriram Madhav Kommu (Senior Associate), Tushar Kumar (Senior Associate) and Jhanvi Shah (Associate)
Competition / Antitrust: Anisha Chand (Partner), Alisha Mehra (Principal Associate), Nilav Banerjee (Senior Associate) and Toshika Soni (Associate)
Corporate and Commercial: Surbhi Ajitsaria (Principal Associate), Riya Sharma (Senior Associate), Gitika Lahiri (Associate), Naina Bora (Associate), Prakhar Khandelwal (Associate), Shreeya Agrawal (Associate), Tawishi Beria (Associate), Aathira Satish (Consultant)
Real Estate: Avnish Sharma (Partner), Gaurav Dasgupta (Partner), Sudheer Madamaiah (Partner), Kartik Shiv Kumar (Counsel), Rishabh Mukund Vora (Counsel), Rupali Singh (Principal Associate), Siddharth Godha (Principal Associate), Riya Manuja (Senior Associate), Shreetama Chakraborty (Senior Associate), Harish Bojappa Kugunavar (Associate), Nupur Antrolikar (Associate) and Richaa Mukhopadhyay (Associate)
Privacy and Data Protection: Supratim Chakraborty (Partner) and Shramana Dwibedi (Senior Associate)
Employment, Labour and Benefits: Vinay Joy (Partner), Srishti Ramkrishnan (Counsel), Simran Sharma (Senior Associate), Ajay Kranthi Kothwal (Associate) and Tanvi Uday Shetty (Associate)
