IIFL Capital Services Limited has submitted to the Exchange a copy of Letter of offer
INDOBORAX · price
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Zenrock Chemicals Private Limited, along with three Edelweiss-managed Alternative Investment Funds (PACs), is making an open offer to acquire up to 83,43,400 equity shares (26% of voting capital) of Indo Borax & Chemicals Limited at ₹256.30 per share. The total maximum consideration is ₹213.84 crore. The existing promoters (Sajal Sushilkumar Jain and family) have already sold their stake to the Acquirer and PACs under a Share Purchase Agreement and were declassified as promoters on January 23, 2026. The Acquirer already holds 30.80% stake through the underlying transaction. The tendering period runs from April 10 to April 24, 2026. Financing is structured through ₹390 crore in non-convertible debentures and ₹75 crore in compulsorily convertible preference shares issued to the PACs.
This open offer will further dilute public shareholding as the acquirer seeks additional 26% stake. Shareholders can tender at ₹256.30 with proportionate acceptance if oversubscribed. The transaction represents a change of control with institutional backing.