Indo Borax & Chemicals has secured its board’s approval to acquire 64.26% stake in Kronox Lab Sciences from Kronox Lab Sciences’ promoters for an aggregate consideration of Rs 246.12 crore. The board has approved the execution of a share purchase agreement (SPA) by and amongst the company, Zenrock Chemicals (ZCPL) and Kronox Lab Sciences’ promoters -- Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani and Jogindersingh Gianchand Jaswal for the acquisition.
Under the SPA, the company will acquire 2,38,44,000 equity shares of Kronox Lab Sciences, having face value of Rs 10.00 each, at a price of Rs 103.22 per share. ZCPL is participating in the deal as a persons acting in concert with the company. The acquisition is intended with a long-term strategy of diversifying the company’s portfolio while investing in sectors that demonstrate both stability and growth potential with further intention is to nurture and expand the Kronox Lab Sciences’ business and maximizing value creation for all stakeholders.
Additionally, the Board approved making of the Open Offer along with ZCPL in its capacity as persons acting in concert with the Acquirer for acquisition of up to 95,70,000 equity shares of the Kronox Lab Sciences, representing around 25.79% of the voting share capital of the Kronox Lab Sciences, at such offer price as may be determined in accordance with the SAST Regulations.
Indo Borax & Chemicals is engaged in manufacturing of Boron products.
