Indo Borax to acquire 64.26% stake in Vadodara-headquartered listed speciality chemicals player Kronox Lab Sciences
Mumbai : Indo Borax and Chemicals Ltd (BSE: 524342; NSE: INDOBORAX), one of the leading manufacturers of boron-based chemicals in India, along with its promoter Zenrock Chemicals Private Limited, today announced signing a Share Purchase Agreement to acquire a 64.26% stake in Vadodara-headquartered speciality chemicals player Kronox Lab Sciences (BSE: 544187; NSE: KRONOX).
As per the SPA, Indo Borax would acquire 2,38,44,000 equity shares (Rs. 10 face value each) for an aggregate consideration of Rs. 246.12 crore. Indo Borax’s Board also approved making an Open Offer, along with Zenrock Chemicals (as a PAC), to acquire up to 95,70,000 equity shares of Kronox Lab Sciences, representing a 25.79% stake. The indicative time to complete the acquisition is three months from the date of signing the SPA.
Commenting on the milestone, Suresh Kalra, Managing Director and CEO, Indo Borax Chemicals Ltd., said, “It’s the beginning of a new chapter for us. We are committed to creating value for our stakeholders through expansion, diversification, premiumisation, and margin improvement. The acquisition of Kronox Lab Sciences is a strategic move towards furthering our stated objectives. Kronox’s rich experience and export presence will strengthen our offerings, and the synergies will help us fortify our margins going forward. We look forward to working with the team at Kronox towards a promising journey ahead.”
Commenting on the acquisition, Ketan Ramani, Promoter and Director, Kronox Lab Sciences Ltd., said, “I would like to thank our investors, employees and all stakeholders for supporting us to build a reputed and growth-ready company. My co-founders, Pritesh Ramani and Jogindersingh Jaswal, have continued to shape the possibilities, and together we have had an eventful journey – from the inception to expansion to public issue and now here. Today marks the inception of a new innings for Kronox. It’s time now to aim at audacious goals. Joining hands with Indo Borax would enable Kronox to accelerate its growth plans, expand its product profile, and explore new avenues. We look forward to working with Team Indo Borax and Zenrock Chemicals, and providing transition support post-acquisition.”
Mr. Jogindersingh Gianchand Jaswal, Mr. Ketan Vinodchandra Ramani and Mr. Pritesh Vinodchandra Ramani are the founding promoters of Kronox Lab Sciences Limited and have led the Company’s manufacturing, technical, quality and commercial functions since its incorporation in 2008, through its expansion across multiple manufacturing units in Gujarat and its listing on the stock exchanges in 2024.
