JSW Paints plans to raise 30 billion rupees through bonds maturing in four and five years, bankers said on Thursday. The company will use these funds to refinance an earlier acquisition of Akzo Nobel India. Many Indian firms now use the bond market to support their growth and recent deals.
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.