India’s JSW Paints is likely
to raise funds through issuance of bonds maturing in four years
and five years and should go ahead with the sale in the next
couple of weeks, two merchant bankers with direct knowledge of
the matter said on Thursday.
The company could look to raise around 30 billion rupees
($316.56 million), the bankers said.
The bankers requested anonymity as they are not authorised
to speak to media. JSW Paints did not reply to a Reuters email
seeking comment.
The proceeds of the latest debt issuance are likely to be
used for the refinancing of an earlier fundraise the company put
towards its acquisition of Akzo Nobel India last year, the
bankers added.
In November 2025, JSW Paints had raised 33 billion rupees
through sale of five-year bonds, which were directly placed with
large foreign banks and foreign investors. These bonds had a put
option at the end of a year.
Indian companies have been turning to the bond market to
fund acquisitions in recent months, driven by robust demand from
investors that’s contributing to what may become a record year
for corporate debt issuance in the country.
Published on October 22, 2026
