Abstract: A process for the preparation of a varnish resin having a viscosity of 1000 to 4000 cP, an acid number from 0 to 1 and an OH number between 100 and 250, useful in the absence of a solvent, by a two-step process involving condensation of a polycarboxylic acid or anhydride with a polyalcohol in a first step until there is obtained an intermediate resin whose acid number is between 10 and 80 and whose viscosity is between 30,000 and 180,000 cP and wherein in the second step there is added to the resultant resin from the first step a glycidyl ester of a saturated aliphatic carboxylic acid and the same is condensed with the resultant resin at a temperature of 110 to 150.degree. C until the acid number of the resin is between 0 and 1 and the resin has a viscosity between 1000 and 4000 cP.