Company UpdateAcquisition
Open offer by Indo Borax & Zenrock for 25.79% Kronox Lab Sciences; promoter status to change.
Target overview
- Target: Kronox Lab Sciences Limited, listed on BSE and NSE in India.
- CIN L24117GJ2008PLC055460; registered office in Gujarat.
- Line of business: not disclosed.
- Presence: India.
Open offer details
- Open offer size: up to 9,570,000 Equity Shares (25.79% voting share capital).
- Offer price: ₹157.27 per share; total ₹₹1,50,50,73,900.
- Mode of payment: cash.
- Acquirer: Indo Borax and Chemicals Limited; PAC: Zenrock Chemicals Private Limited.
- Open offer not conditional on minimum acceptance.
- Rationale: to gain promoter control via stake acquisition.
Underlying transaction & promoter change
- Sellers: Ketan Ramani, Pritesh Ramani, Jogindersingh Jaswal.
- Pre-transaction promoter holding: 74.21%.
- SPA price: ₹103.22 per share; total ₹2,46,11,77,680.
- Sale shares: 2,38,44,000 (64.26%).
- Post-transaction promoter stake: 64.26%; PAC promoter group.
- Acquirer to become promoter; Sellers cease promoter status.
- Consultancy: ₹6.30 crore; 36 months.
- Consultancy adds ₹2.65 per share; SPA price ₹105.87.
- Sellers’ consultancy not linked to voting or management.
- Post-open offer promoter stake: 3,34,14,000 shares; 90.05%.
Valuation & consideration
- Open offer consideration: ₹1,50,50,73,900.
- SPA total consideration: ₹2,46,11,77,680.
- SPA price per share: ₹103.22; including consultancy ₹105.87.
- Open offer price: ₹157.27 per share.
- Underlying stake: 2,38,44,000 shares (64.26%).
- Post-Open Offer promoter stake: 3,34,14,000 shares; 90.05%.
Regulatory & timeline
- Regulatory approvals: SEBI SAST, LODR; other statutory approvals, if any.
- Open offer not subject to minimum acceptance.
- Delisting not intended.
- Detailed Public Statement due by Aug 28, 2026.
- Tendering period: 10 working days.
- Completion subject to satisfaction/waiver of conditions precedent.
- Independent director committee to provide recommendations.
Target background
- Products/services: not disclosed.
- Incorporation date: not disclosed.
- Turnover history: not disclosed.
- Location: Gujarat, India.