JSW Paints Plans 30 Billion Rupee Bond Issue to Refinance Acquisition Debt

Indian company JSW Paints is reportedly preparing to raise approximately 30 billion rupees through the issuance of bonds maturing in four and five years. According to two merchant bankers with direct knowledge of the matter, the company is expected to proceed with the sale within the next couple of weeks.

The bankers, who requested anonymity because they are not authorized to speak to the media, noted that the proceeds from this upcoming debt issuance will likely be used to refinance an earlier fundraise. JSW Paints had previously utilized that funding for its acquisition of Akzo Nobel India last year.

In November 2025, JSW Paints raised 33 billion rupees through the sale of five-year bonds directly placed with large foreign banks and foreign investors. Those previous bonds included a put option exercisable at the end of a year.

JSW Paints did not reply to an email seeking comment regarding the fundraising plans.

The move aligns with broader trends in the Indian market, where companies have increasingly turned to the bond market to fund acquisitions in recent months. Robust demand from investors is currently contributing to what may become a record year for corporate debt issuance across the country.

"Refinancing acquisition-related debt through longer-term corporate bonds is a strategic financial move for established companies looking to optimize their capital structures. As investor demand in India's corporate debt market remains robust, tapping into bond issuances allows businesses to manage short-term liabilities effectively while supporting their broader M&A growth objectives." — Dr. Shishir Gupta, Founder & CEO, StartupLanes