Open offer at Rs 256.30 for 26% of Indo Borax triggered by Zenrock Chemicals deal

Listed Co AcquisitionOpen Offer TriggeredStrategic Transactions View source PDF Explain this filing

INDOBORAX · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-1.4%Reaction day

₹278.00

prior close

₹280.10

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.6%-0.8% vs market

Commodity Chemicals peers, median of 51sector-0.1%-1.4% vs sector

On the reaction day the stock moved 0.8 pts less than Nifty Microcap 250 and 1.4 pts less than its Commodity Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-1.5

10m

-1.9

15m

-2.4

30m

-3.1

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.4-0.6-0.8-0.1-1.4

Next day

-3.6-1.5-2.1-0.5-3.1

-4.6-1.8-2.8-1.1-3.5

-2.5-0.6-1.9-0.6-1.9

-6.1+0.8-6.9-0.8-5.4

-3.2+0.8-4.1-0.1-3.1

-5.2-0.2-5.0-0.5-4.7

15d

-4.4+1.1-5.5-1.6-2.9

-12.6-3.5-9.1-4.3-8.3

-12.5-3.2-9.3-6.9-5.6

-12.5-12.8+0.3-15.3+2.8

UpDownMarket · Nifty Microcap 250Sector · Commodity Chemicals peers, median of 51Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Zenrock Chemicals Pvt Ltd along with Edelweiss AIF funds will acquire 50.80% of Indo Borax from the Jain promoter family for about Rs 417.77 crores at Rs 256.30 per share via a Dec 15 SPA. This triggers a mandatory open offer for 26% additional (83.43 lakh shares) at the same price, worth about Rs 213.84 crores. Acquirer will become new promoter. No delisting planned.

Likely market impact

Change of control coming. Public shareholders can tender shares at Rs 256.30 in the open offer. New promoter to take charge after deal closes.