Indo Borax and Chemicals Launches Open Offer for Kronox Lab Sciences Following Share Purchase Agreement

Indo Borax and Chemicals Launches Open Offer for Kronox Lab Sciences Following Share Purchase Agreement​

A public announcement has been made regarding an open offer in Kronox Lab Sciences Limited (KRONOX) by Indo Borax & Chemicals Limited, along with Zenrock Chemicals Private Limited. The move comes as a result of the execution of a Share Purchase Agreement (SPA).

Indo Borax & Chemicals Limited, acting alongside Zenrock Chemicals Private Limited (the Person Acting in Concert or PAC), is offering to acquire equity shares of Kronox Lab Sciences Limited from the public shareholders. This mandatory offer is linked to the acquisition of a substantial stake by Indo Borax and Chemicals Limited from specific sellers.

Open Offer Details​

The open offer targets up to 95,70,000 Equity Shares of Kronox Lab Sciences Limited, representing 25.79% of the Voting Share Capital as determined on the relevant working day. The offering is priced at ₹157.27 per Equity Share. Assuming full acceptance, the total consideration for this open offer would be ₹1,50,50,73,900.

The Open Offer is being conducted by IIFL Capital Services Limited and aims to acquire equity shares of the Target Company from the public shareholders. The payment mode for the Offer Price is cash.

Underlying Transaction Summary​

The open offer is driven by a prior agreement—a Share Purchase Agreement dated August 20, 2026—between the Acquirer and three sellers. Under this SPA, Indo Borax and Chemicals Limited has agreed to acquire 2,38,44,000 Equity Shares from the specified sellers.

The details of the underlying transaction are as follows:


The sellers in this transaction include Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani, and Jogindersingh Gianchand Jaswal. These shareholders collectively held 2,75,34,000 Equity Shares (74.21%) prior to the sale, with each seller holding a significant portion of the promoter group equity.

Control Structure Post-Transaction​

The Acquirer is Indo Borax and Chemicals Limited, whose controlling shareholder is Zenrock Chemicals Private Limited. The PAC is Zenrock Chemicals Private Limited, controlled by Sunil Malhotra who holds 99.00% of the paid-up capital of the PAC.

Following the acquisition of shares under the SPA, both Indo Borax and Chemicals Limited and Zenrock Chemicals Private Limited are projected to hold 2,38,44,000 Equity Shares (64.26%) of the Target Company. If the open offer is fully accepted, the combined holding of the Acquirer and PAC could reach 3,34,14,000 Equity Shares, representing 90.05% of the Voting Share Capital of Kronox Lab Sciences Limited.

The transaction involves a Consultancy Agreement where each seller will provide transition support consultancy services to the Target Company for 36 months. The aggregate consultancy fee payable to all sellers over this period is ₹6,30,00,000.

KRONOX Stock Price Movement​

Kronox Lab Sciences Limited shares surged dramatically on Friday, closing at ₹206.75 after gaining ₹20.56 and marking an impressive 11.04% increase from previous levels. The rally pushed the stock to its 52-week high, with 6.44 million shares traded during the session.