Zenrock Chemicals Consortium Acquires Promoter Stake in Indo Borax

Indo Borax & Chemicals recorded a change in control after promoters executed a share purchase agreement on December 15, 2025. Under the agreement, Zenrock Chemicals Private Limited and three consortium partners acquired a controlling stake from the promoter group. Reports suggest that the transaction was completed at ₹256.30 per equity share. 

The acquisition resulted in the buyers holding 50.80% of the company’s equity. Crossing this threshold triggered a mandatory open offer under SEBI takeover regulations. 

Structure of the Acquisition 

Zenrock Chemicals emerged as the largest acquirer, purchasing 98,82,230 shares, representing a 30.80% stake. India Special Assets Fund III acquired 23,87,496 shares, while ISAF III Onshore Fund bought 24,26,004 shares. 

Special Situation India Fund acquired 16,04,500 shares, equivalent to 5.00% equity. In total, the consortium acquired 1,63,00,230 shares, accounting for 50.80% of the company’s voting capital. 

Mandatory Open Offer Details 

Following the transaction, an open offer has been triggered for public shareholders to tender up to 26.00% of the company’s equity. The offer covers 83,43,400 shares and has been priced at ₹256.30 per share, the same as the negotiated acquisition price. 

The offer will be paid entirely in cash. If fully subscribed, the total payout will amount to ₹213.84 crore. The tendering window will remain open for 10 working days, as prescribed under takeover norms. 

Pricing and Offer Mechanics 

The open offer has been categorised as a triggered mandatory offer arising from the share purchase agreement. IIFL Capital Services Limited has been appointed as the manager to the offer. 

Public shareholders who choose to participate will receive payment subject to acceptance levels and completion of procedural requirements under SEBI regulations. 

Complete Promoter Exit 

The transaction marks a full exit by the existing promoter group. Promoters including Sajal Sushilkumar Jain, Saumya Sajal Jain and other family members sold their entire holdings through the agreement. 

With the transfer of promoter shares, management control has shifted to the incoming consortium led by Zenrock Chemicals. 

Indo Borax and Chemicals Share Price Performance  

As of 16 December, 10:02 am, Indo Borax and Chemicals share price was trading at ₹271, a 4.68% decrease from the previous closing price. 

Read More: Shriram Finance Share Price Rise After Reports Says MUFG Nears $3.2 Billion Investment for 20% Stake! 

Conclusion 

The share purchase agreement and the ensuing open offer formalise a change in ownership at Indo Borax & Chemicals, pending completion of the open offer process and related regulatory steps. 

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