Indo Borax & Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on July 21, 2025.
INDOBORAX · price
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Awaiting price reaction for this filing.
The Board of Indo Borax & Chemicals, at its meeting on July 21, 2025, approved the sale of three categories of assets to promoter group members: a residential flat in Bandra West (Pali Hill) for INR 42.50 crores, an office premises in Santacruz West for INR 14 crores, and three luxury vehicles (Mercedes Maybach S680, Aston Martin DBX 707, Audi Q7) for about INR 5.52 crores. The total aggregate sale consideration is roughly INR 62 crores, which exceeds 20% of the company's FY25 total income of INR 190.85 crores. The buyers are the promoters themselves — including Managing Director & CFO Sajal Sushilkumar Jain and CEO Saumya Sajal Jain — making this a related party transaction done at arm's length. Shareholder approval will be sought through a postal ballot notice to be dispatched on July 25, 2025, with completion targeted by March 31, 2026.
Since the company is selling non-core assets (real estate and luxury vehicles) back to its own promoters at arm's length, the deal will bring meaningful cash into the company (~INR 62 crores) but requires shareholder sign-off. Retail investors should watch the postal ballot outcome, as promoter buyback of assets is generally neutral unless the price or terms are questioned.