Indo Borax open offer: Kronox 25.79% at ₹157.27, DPS

What the Detailed Public Statement confirms

Indo Borax and Chemicals Limited has published the Detailed Public Statement (DPS) for a mandatory open offer to acquire shares of Kronox Lab Sciences Limited. The offer is to buy up to 95,70,000 equity shares, representing 25.79% of Kronox’s voting share capital. The offer price is set at ₹157.27 per share. IIFL Capital Services Limited is acting as the manager to the open offer and published the DPS on August 28, 2026. The offer is being made under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Why the open offer was triggered

The open offer follows a Share Purchase Agreement (SPA) dated August 20, 2026. Under the SPA, Indo Borax agreed to acquire 64.26% of Kronox Lab Sciences from the existing promoters. The SPA involves 2,38,44,000 equity shares. Since this acquisition results in Indo Borax obtaining control and voting rights exceeding key thresholds, the transaction triggers a mandatory open offer under the SAST Regulations.

Parties involved: acquirer, PAC, and manager

Indo Borax and Chemicals Limited is the acquirer in the transaction. Zenrock Chemicals Private Limited is listed as a person acting in concert (PAC) with the acquirer. IIFL Capital Services Limited (formerly IIFL Securities Limited) is the manager to the offer. The open offer is addressed to public shareholders of Kronox Lab Sciences.

Open offer terms: stake, price, and maximum consideration

The offer is for 25.79% of Kronox’s voting capital, up to 95.7 lakh shares. Public shareholders who tender validly during the tendering period will be offered ₹157.27 per share. The DPS states that, assuming full acceptance, the total consideration payable under the open offer is ₹1,50,50,73,900, which is ₹150.51 crore. Payment is to be made in cash.

SPA details: size, pricing, and cash settlement

The SPA provides for Indo Borax’s acquisition of 64.26% through 2.38 crore shares (2,38,44,000). The disclosed SPA price is ₹103.22 per share. The aggregate SPA consideration is stated as ₹246.12 crore. Another disclosed figure is an effective SPA price of ₹105.87 per share (including consultancy). As stated, the consideration for both the private agreement and the open offer is to be paid in cash via electronic transfer.

Key dates investors should track

The tendering period for the open offer is scheduled to commence on October 15, 2026 and close on October 29, 2026. The last date for dispatch of the Letter of Offer to public shareholders is October 8, 2026. Indo Borax must communicate acceptance or rejection of tendered shares by November 13, 2026. The timeline also includes September 4, 2026 as the last date for filing the Draft Letter of Offer with SEBI.

Funding position disclosed in the DPS

The DPS disclosure notes that the acquirer holds ₹134.0 crore in cash. It also states that the PAC has committed additional support of ₹25.0 crore. These disclosures are relevant for shareholders assessing the cash-backed nature of the offer obligations.

Market reaction and trading snapshot

Following the announcement around the open offer, shares of Kronox Lab Sciences rallied over 10% to ₹205.75 on the BSE, as cited in the provided market update. Separately, a trading snapshot showed a bid of ₹179.00 and ask of ₹0.00. These data points indicate that the market price moved above the open offer price in the immediate period referenced.

Other company disclosures referenced alongside the offer

The Board of Directors has proposed a final dividend of ₹0.50 per equity share for the financial year ended March 31, 2026 (FY26). The target company’s equity shares are listed on BSE (Scrip Code: 544187) and the NSE (Symbol: KRONOX). The ISIN referenced for the equity shares is INE0ATZ01017.

Summary of key deal terms

The transaction combines a promoter stake purchase with a mandatory open offer to public shareholders. The SPA covers 64.26% at a disclosed price of ₹103.22 per share, with aggregate consideration of ₹246.12 crore. The open offer covers 25.79% at ₹157.27 per share, with maximum consideration of ₹150.51 crore if fully accepted. Zenrock Chemicals Private Limited is acting as PAC, and IIFL Capital Services Limited is the manager to the offer.

Conclusion

Indo Borax’s DPS formalises the regulatory path for taking control of Kronox Lab Sciences through a promoter acquisition and a cash open offer to public shareholders. The next key milestones are the dispatch of the Letter of Offer by October 8, 2026 and the tendering window from October 15 to October 29, 2026. Shareholders will then receive communication on acceptance or rejection by November 13, 2026, as per the disclosed schedule.