Indo Borax buys 64.26% Kronox in ₹246 cr deal (2026)

What was announced and why it matters

Indo Borax & Chemicals Limited has completed the acquisition of a controlling stake in Kronox Lab Sciences Limited, a Vadodara-headquartered specialty chemicals company. The acquirer purchased 2,38,44,000 equity shares, taking its holding to 64.26% of Kronox’s total paid-up equity share capital. The negotiated consideration disclosed for the promoter stake purchase is ₹246.12 crore.

The closing on September 29, 2026, formally shifts control of Kronox to Indo Borax, making it the majority shareholder. Alongside the deal, Indo Borax and Zenrock Chemicals Private Limited (acting in concert) are proceeding with a mandatory open offer for public shareholders under SEBI takeover regulations.

Key transaction details at a glance

The acquisition was executed through a Share Purchase Agreement (SPA) dated August 20, 2026. The sellers named in disclosures include Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani, and Mr. Jogindersingh Gianchand Jaswal. Zenrock Chemicals Private Limited was also party to the SPA, and is disclosed as a person acting in concert (PAC) with Indo Borax.

Post-closing, the outgoing promoters have been reclassified as public shareholders under SEBI regulations, reflecting the change in control.

Timeline: signing to completion

The SPA for the 64.26% stake was signed on August 20, 2026. Disclosures also indicated the transaction was expected to be completed within approximately three months from signing, subject to conditions and regulatory requirements. The companies later confirmed that the acquisition process was successfully finalized on September 29, 2026.

Kronox Lab Sciences separately informed that the transfer of the 64.26% equity stake to Indo Borax was completed on the same date, reinforcing that control has moved to the new majority shareholder.

Open offer: what is being proposed

In parallel with the promoter stake acquisition, Indo Borax & Chemicals and Zenrock Chemicals have undertaken an open offer to acquire up to 95,70,000 equity shares, representing 25.79% of Kronox’s voting share capital. Kronox has also disclosed receipt of a Draft Letter of Offer (DLOF) connected to the open offer.

A Detailed Public Statement (DPS) for the open offer has been published, stating an offer price of ₹157.27 per share. The tendering period for the open offer is scheduled to open on October 15, 2026, and close on October 29, 2026.

Promoter holding after the stake sale

After the transfer of the controlling block, the sellers collectively retain a residual 9.95% holding in Kronox’s voting share capital, as disclosed. Separate reporting also indicated that the existing promoters were expected to retain 9.95% and provide transition support following the acquisition.

This means Kronox is entering a new promoter and control structure, with Indo Borax in the driver’s seat and an open offer running for the public float.

Funding and consideration disclosed

The disclosed consideration for the 64.26% stake purchase is ₹246.12 crore. Separately, Indo Borax stated that the acquisition was financed through ₹225 crore of funding availed from an unnamed lending institution.

The disclosures do not provide additional line-item uses of funds, but they establish that external funding formed a major part of the cash consideration behind the control acquisition.

Summary table of disclosed facts

Market impact: what changes for shareholders

The immediate structural impact is clear from the disclosed numbers: Indo Borax now owns 64.26% of Kronox, which constitutes a change in promoters, management, and control. For minority shareholders, the open offer provides an exit opportunity at the disclosed offer price of ₹157.27 per share, subject to the final terms and process under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

If the open offer is fully subscribed, Indo Borax and Zenrock Chemicals could increase their combined holding significantly beyond the current 64.26%, since the offer is for an additional 25.79% of voting share capital.

Why the deal is being watched

The acquisition involves a listed specialty chemicals player undergoing a formal promoter transition. The transaction also follows the standard SEBI takeover framework: a negotiated control block purchase, followed by a mandatory open offer to public shareholders.

With completion confirmed on September 29, 2026, the focus now shifts to the open offer timetable and shareholder participation during the October 15 to October 29, 2026 tendering window.

What to watch next

The next dated milestone disclosed is the open offer tender period starting October 15, 2026 and closing October 29, 2026. Investors tracking the situation will likely watch for subsequent updates connected to the offer process and any further filings from the acquirer and the target.