Akzo Nobel India shares surge nearly 8% after JSW Paints announces its acquisition

New Delhi, Jun 27 (PTI) Shares of Akzo Nobel India jumped nearly 8 per cent on Friday morning trade after JSW Paints Ltd announced the acquisition of a majority stake in the firm for about Rs 9,000 crore.

The stock surged 7.64 per cent to Rs 3,436.70 apiece on the BSE.

On the NSE, it zoomed 7.76 per cent to Rs 3,436.90 per share.

The company's market valuation climbed Rs 791.49 crore to Rs 15,330.69 crore.

JSW Paints Ltd on Friday announced the acquisition of a majority stake in Akzo Nobel India for about Rs 9,000 crore.

"JSW Paints Limited today entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Limited from Akzo Nobel N.V. and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore, subject to certain closing adjustments," the company said in a statement.