JSW Paints eyes ₹3,000 crore bond sale to refinance debt

JSW Paints is considering raising about ₹3,000 crore through bonds with four- and five-year maturities, with a sale likely in the next couple of weeks, according to Reuters reporting carried by Economic Times Markets on October 22. Two merchant bankers with direct knowledge of the matter described the proposed borrowing.

The proceeds would likely refinance earlier funding used for the company's acquisition of Akzo Nobel India in 2025, the bankers said. They spoke anonymously because they were not authorised to address the media. JSW Paints did not respond to Reuters' emailed request for comment, leaving the proposed amount and timing unconfirmed by the company.

In November 2025, JSW Paints raised ₹3,300 crore through five-year bonds placed directly with large foreign banks and foreign investors. Those securities included a put option after one year—a provision allowing investors to seek repayment before the scheduled maturity. That one-year point falls in November 2026.

The prospective refinancing comes as Indian companies increasingly tap bonds to finance acquisitions. The report described strong investor demand as a factor supporting issuance and said the country could be heading towards a record year for corporate debt sales; that remains a prospect rather than a completed annual outcome.