Date: September 29, 2026
Board Meeting Outcomes
- Completion of transfer of 2,38,44,000 equity shares (64.26% of total paid-up equity share capital) from existing promoters to Indo Borax & Chemicals Limited on September 29, 2026
- Acquisition consideration has been fully paid to the sellers
- Indo Borax & Chemicals Limited has acquired control of the Company and become the new promoter
Ownership Changes
Former Promoters (Sellers):
- Mr. Ketan Vinodchandra Ramani
- Mr. Pritesh Vinodchandra Ramani
- Mr. Jogindersingh Gianchand Jaswal
Post-Transaction Holdings:
- Former promoters collectively hold 36,90,000 equity shares (9.95% of total paid-up equity share capital)
- Former promoters and promoter group members intend to cease being classified as promoter/promoter group
- They will be re-classified as public shareholders
Compliance Status of Former Promoters:
- Do not hold more than 10% of total voting rights
- Do not exercise control over company affairs directly or indirectly
- Do not have any special rights through formal or informal arrangements
- Are not represented on the board of directors (including no nominee directors)
- Do not act as key managerial personnel
- Are not wilful defaulters per RBI Guidelines
- Are not fugitive economic offenders
Open Offer Details
Acquirer: Indo Borax & Chemicals Limited
Persons Acting in Concert: Zenrock Chemicals Private Limited
Offer Size: Up to 95,70,000 equity shares (25.79% of voting share capital)
Regulatory Basis: SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Offer Timeline:
- Public Announcement: August 20, 2026
- Detailed Public Statement: August 27, 2026
- Draft Letter of Offer: September 4, 2026