Indo Borax buys 64.26% Kronox; open offer begins 2026

Deal snapshot: control shifts at Kronox Lab Sciences

Indo Borax & Chemicals Ltd has completed the acquisition of a controlling stake in Kronox Lab Sciences Ltd, a Vadodara-headquartered specialty chemicals company. The transaction involved the purchase of 2,38,44,000 equity shares, representing 64.26% of Kronox Lab Sciences’ total paid-up equity share capital. The aggregate cash consideration disclosed for the negotiated promoter block was ₹246.12 crore. With the transfer completed, Indo Borax becomes the majority shareholder, triggering a formal change in control at the target company.

Kronox Lab Sciences informed stock exchanges that the transfer was completed on September 29, 2026. The transaction was executed under a Share Purchase Agreement (SPA) signed earlier on August 20, 2026. Zenrock Chemicals Private Limited is part of the transaction framework and has been disclosed as a person acting in concert (PAC) with Indo Borax for the mandatory open offer process.

What happened on September 29, 2026

Kronox Lab Sciences announced completion of the transfer of the 64.26% stake to Indo Borax & Chemicals on September 29, 2026. The company described this as a complete change in control under applicable SEBI regulations. As a regulatory consequence of the control transfer, the outgoing promoters were formally reclassified as public shareholders.

Multiple disclosures and related reports reiterated that the acquired stake equals 64.26% of Kronox’s paid-up equity capital. Indo Borax, as the purchaser, confirmed that the acquisition process was successfully finalised on the same date. This completion puts Indo Borax in a controlling position over the listed entity, with a corresponding shift in promoter status and management control as outlined in the exchange filings.

Parties to the Share Purchase Agreement

The SPA is dated August 20, 2026. Indo Borax & Chemicals Limited entered into the agreement with the selling shareholders Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani, and Mr. Jogindersingh Gianchand Jaswal. Zenrock Chemicals Private Limited was also party to the agreement, alongside Kronox Lab Sciences Limited as the target company.

The disclosed structure reflects a negotiated promoter stake sale, followed by a mandatory public shareholder exit opportunity through an open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Post-transfer, the sellers collectively retain a residual holding of 9.95% in the voting share capital, as stated in the disclosure.

Open offer: size, price, and timeline

Alongside the promoter stake acquisition, Indo Borax & Chemicals and PAC Zenrock Chemicals have undertaken a mandatory open offer to acquire up to 95,70,000 equity shares. This open offer size represents 25.79% of Kronox Lab Sciences’ voting share capital. Kronox also disclosed that it received the Draft Letter of Offer (DLOF) related to the open offer.

The Detailed Public Statement (DPS) states an offer price of ₹157.27 per share. The tendering period for the open offer is scheduled to commence on October 15, 2026, and close on October 29, 2026. The open offer is directed at public shareholders, in line with the takeover regulations that apply when control changes hands.

Funding details disclosed by Indo Borax

In a key disclosure related to the transaction funding, Indo Borax stated that the acquisition was financed through ₹225 crore in funding availed from an unnamed lending institution. The company did not disclose the name of the lender in the provided information.

This detail matters for investors tracking how acquisitions are financed, especially when a control transaction involves a large cash consideration. In this case, the disclosed funding figure sits alongside the negotiated consideration disclosed for the 64.26% promoter stake purchase.

Key facts table

Regulatory context: why the open offer is mandatory

The acquisition is structured around a transfer of control, which triggers the requirement for an open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filings explicitly refer to a change in promoters and a shift in management and control following completion of the SPA.

The outgoing promoters’ reclassification as public shareholders is also a part of how Indian listed-company ownership changes are reflected post-control transfers. The disclosures indicate that these steps have been implemented after the September 29, 2026 completion.

Market impact: what changes for shareholders

The immediate market relevance of the transaction lies in the completed change in control and the pending open offer window. Indo Borax now holds approximately 64.26% of Kronox Lab Sciences’ paid-up equity share capital, making it the controlling shareholder. For public shareholders, the open offer provides a defined route to tender shares during the October 15 to October 29, 2026 period, at the disclosed offer price.

The disclosures also clarify that Zenrock Chemicals Private Limited is acting in concert with Indo Borax for the open offer. Separately, the stated residual 9.95% seller holding indicates that the outgoing promoter group retains a minority stake even after the control sale, while no additional quantitative details were provided on further changes in ownership beyond the open offer.

Why this deal matters for the specialty chemicals space

Kronox Lab Sciences is described as a specialty chemicals player, and the transaction places it under the control of Indo Borax & Chemicals. Control acquisitions in specialty chemicals are closely tracked because they can change promoter stewardship, governance responsibilities, and strategic direction. In this case, the material facts are the stake size, the cash consideration, and the regulatory open offer process already set in motion.

The sequence also highlights how listed-company takeovers in India typically proceed: a negotiated SPA for a controlling block, followed by a mandatory open offer for public shareholders, with formal exchange disclosures of completion and promoter reclassification.

Conclusion

Indo Borax & Chemicals has completed its purchase of 2,38,44,000 shares in Kronox Lab Sciences, securing a 64.26% controlling stake for ₹246.12 crore, with the transfer completed on September 29, 2026. The next defined milestone is the SEBI-mandated open offer by Indo Borax and PAC Zenrock Chemicals, scheduled to run from October 15 to October 29, 2026 at ₹157.27 per share.