India's JSW Paints eyes 4, 5-year debt to refinance acquisition-led funding, bankers say

JSW Paints is preparing to issue four- and five-year bonds in India, with a sale expected within weeks, Business Recorder reported, citing two merchant bankers. The company could seek about 30 billion rupees, or $316.56 million, although JSW Paints did not comment to Reuters.

The expected borrowing would refinance an earlier debt raise used to support its purchase of Akzo Nobel India last year. JSW Paints had secured 33 billion rupees from five-year bonds in November 2025, placed with foreign banks and investors, with holders able to request repayment after one year. Indian companies have increasingly used bond financing for acquisitions, amid strong investor demand and the prospect of a record year for corporate debt issuance.