Indo Borax open offer for Kronox: price, dates 2026

What the Detailed Public Statement confirms

Indo Borax and Chemicals Limited has published the Detailed Public Statement (DPS) for its mandatory open offer in Kronox Lab Sciences. The DPS sets out the terms under which Indo Borax and Zenrock Chemicals Private Limited, acting as a person acting in concert (PAC), will seek shares from public shareholders. The open offer is for up to 95,70,000 equity shares of Kronox Lab Sciences. This represents 25.79% of the target company’s voting share capital. The offer price has been fixed at ₹157.27 per equity share. The DPS was published on August 28, 2026.

Who is managing the offer

IIFL Capital Services Limited has been named as the manager to the open offer. The DPS publication was made through IIFL Capital Services in that capacity. The disclosure also links the open offer to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations). Specifically, the transaction is described as a mandatory open offer under Regulation 3(1) and Regulation 4.

Open offer size, price, and maximum payout

The acquirer intends to purchase up to 95.7 lakh shares at ₹157.27 per share. The article text states a maximum consideration of ₹150.5 crore for the open offer, and separately mentions ₹150.51 crore in another place. It also includes one line stating that, assuming full acceptance, the total consideration payable under the open offer will be ₹1,505 crore. That ₹1,505 crore figure is inconsistent with the other stated maximum consideration amounts and with the stated offer size and price, but it is present in the provided disclosures.

The mode of payment is stated as cash. Another disclosure adds that consideration for the private agreement and the open offer will be paid in cash via electronic transfer.

Key dates investors should track

The timeline provided includes the DPS publication date and the tendering window. The public announcement for the offer was issued on August 20, 2026. The tendering period is scheduled to open 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 is required to communicate acceptance or rejection of tendered shares by November 13, 2026.

These dates set the practical calendar for public shareholders who intend to evaluate and tender shares. The disclosures also indicate that investors should await the Detailed Public Statement for full details, and the DPS has been published on August 28, 2026.

The promoter deal that triggered the mandatory open offer

The open offer follows a Share Purchase Agreement (SPA) in which Kronox Lab Sciences’ key promoters agreed to sell a controlling stake. As per the disclosure dated August 20, 2026, the sellers are Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani and Mr. Jogindersingh Gianchand Jaswal. The SPA is with Indo Borax & Chemicals Limited (the acquirer) and Zenrock Chemicals Private Limited (PAC).

The SPA covers the sale of 2,38,44,000 equity shares, constituting approximately 64.26% of the total paid-up equity share capital of Kronox Lab Sciences. The per share price for the SPA sale is stated as ₹103.22. The same disclosure notes a footnote that, when consultancy fees payable to the sellers are factored in as required under Regulation 8(7) of the SAST Regulations, the per share price inclusive of consultancy fees is ₹105.87.

What changes after the transaction

Following the acquisition, Indo Borax & Chemicals is expected to become the new promoter as Kronox transitions from its founding promoters. One disclosure states that post-transaction, the erstwhile promoters will continue to hold a 9.95% stake and provide transition support. Another part of the provided text says the acquisition would take control and exceed the 25% voting rights threshold, which is why it triggers the mandatory open offer under the takeover regulations.

Indo Borax has described the acquisition as part of its long-term strategy to diversify its portfolio by investing in sectors that demonstrate stability and growth potential, as per a BSE filing referenced in the text. The company also stated an intention to nurture and expand Kronox Lab Sciences’ business and maximise value creation for stakeholders.

Market reaction: Kronox shares jump on the announcement

Shares of chemical manufacturer Kronox Lab Sciences rallied over 10% to ₹205.75 on the BSE on Friday after the company’s disclosure about the open offer. The move followed the announcement that Indo Borax and Zenrock Chemicals would make an open offer to acquire up to a 25.79% stake. The same set of disclosures also reference Indo Borax acquiring a 64.26% stake, alongside the open offer for public shareholders.

Summary table of disclosed terms

Deal value disclosures and what they imply

The provided text includes multiple deal value references for the promoter stake sale and the open offer. One line states Indo Borax will acquire 64.26% for ₹246 crore, while another states ₹246.12 crore for the same 64.26% stake. For the open offer, the text cites a maximum consideration of ₹150.5 crore and ₹150.51 crore in different places, alongside a separate reference to ₹1,505 crore for full acceptance under the open offer.

For investors, the key confirmed economic terms repeated across the disclosures are the open offer price of ₹157.27, the open offer size of 95.7 lakh shares (25.79%), and the promoter block purchase of 64.26% at ₹103.22 per share (or ₹105.87 per share inclusive of consultancy-linked consideration). The operational next steps are driven by the published schedule for the Letter of Offer, tender window, and the acceptance communication date.

Conclusion

Indo Borax’s DPS publication on August 28, 2026 formalises the mandatory open offer process for Kronox Lab Sciences at ₹157.27 per share for up to 25.79% of voting capital. With the tendering period set for October 15 to October 29, 2026, public shareholders have a defined window to evaluate participation after receiving the Letter of Offer by October 8, 2026.