Kronox Lab Sciences Limited has received a public announcement dated August 20, 2026, regarding an open offer to public shareholders issued by IIFL Capital Services Limited on behalf of Indo Borax & Chemicals Limited (Acquirer) along with Zenrock Chemicals Private Limited (PAC).
Offer Details
The open offer is for acquisition of up to 95,70,000 fully paid-up equity shares of face value ₹10.00 each, representing 25.79% of the voting share capital from public shareholders of Kronox Lab Sciences Limited.
Offer Price: ₹157.27 per equity share
Total Consideration: ₹1,50,50,73,900 (assuming full acceptance)
Mode of Payment: Cash
Offer Type: Mandatory triggered offer under Regulations 3(1) and 4 of SEBI (SAST) Regulations
Underlying Transaction
The open offer is triggered by a Share Purchase Agreement dated August 20, 2026, where the Acquirer agreed to acquire 2,38,44,000 equity shares (64.26% of paid-up equity share capital) from the sellers at ₹103.22 per share.
Total SPA Consideration: ₹2,46,11,77,680
Sellers: Ketan Vinodchandra Ramani (26.40%), Pritesh Vinodchandra Ramani (21.40%), and Jogindersingh Gianchand Jaswal (26.40%)
Consultancy Arrangements
Each seller will enter into transition support consultancy arrangements with the Target Company for 36 months commencing from closing. Aggregate consultancy fee payable is ₹6,30,00,000. When added to SPA price per Regulation 8(7) of SEBI (SAST) Regulations, the effective per share price becomes ₹105.87.
Post-Transaction Shareholding
After underlying transaction and full open offer acceptance, the Acquirer will hold 3,34,14,000 equity shares representing 90.05% of voting share capital. The Acquirer will take necessary steps to ensure compliance with minimum 25% public shareholding requirements under SCRR and SEBI (LODR) Regulations.
Timeline and Process
The Detailed Public Statement will be published in newspapers on or before August 28, 2026. The open offer is not conditional upon any minimum level of acceptance.
Target Company Details
Listed on: BSE Limited (Scrip Code: 544187) and National Stock Exchange of India Limited (Symbol: KRONOX)
Board of Directors Obligations
The Board of Directors must ensure business is conducted in ordinary course during offer period and comply with various restrictions including no alienation of material assets, no material borrowings outside ordinary course, and no issuance of securities without shareholder approval.
The Board must constitute a committee of independent directors to provide reasoned recommendations on the open offer, to be published at least two working days before commencement of tendering period.