JSW Paints to Acquire Akzo Nobel India Limited: Standstill Undertaking Signed

JSW Paints Limited has entered into a Share Purchase Agreement with Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V., the existing Promoters/Holding Companies of Akzo Nobel India Limited, for the acquisition of their entire shareholding in the Company. The Company has signed a standstill undertaking with the Acquirer, setting out certain covenants and restrictions to be observed by the Company and its subsidiaries between the date of the Agreement and the completion of the Transaction. The standstill undertaking contains customary interim period covenants restricting the Company from undertaking certain material actions without the prior written consent of the Acquirer.