JSW secures Rs 93 billion financing for acquisition

JSW has arranged a Rs 93 billion financing to fund its acquisition of Akzo Nobel. The funding structure comprises a mix of debt, convertible instruments, and a loan against promoter shares. The deal includes Rs 33 billion in operating debt at the company level, Rs 30 billion in convertible debentures at the holding company (HoldCo) level, and Rs 30 billion in loans against promoter shares. The Rs 33 billion in operating debt will be raised from Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank, Barclays, JPMorgan, and DBS. Another Rs 30 billion will be raised from domestic mutual funds (MFs), including Kotak MF, by pledging promoter shares, while the remaining Rs 30 billion will be secured through convertible instruments from private credit funds.