Zenrock Chemicals Open Offer for Indo Borax 26%

• Zenrock Chemicals launched a mandatory open offer for 26% (83,43,400 shares) of Indo Borax at ₹256.30/share, totalling ₹213.84 crore maximum consideration.
• Acquirer and PACs (Edelweiss-managed AIFs) already acquired 50.80% stake from the Jain family promoters for ₹417.77 crore on January 23, 2026.
• Tendering period runs April 10–24, 2026; post full acceptance, Acquirer's holding rises to 56.80% and combined Acquirer+PACs to 76.80%.
• PACs financed acquisition via ₹390 crore NCDs and ₹75 crore CCPS issued by Acquirer; entire board reconstituted on January 23, 2026.