Promoters selling entire 50.80% stake to Zenrock Chemicals; open offer for 26% triggered

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

Promoters and promoter group members have signed a Share Purchase Agreement on December 15, 2025 to sell their entire 1.63 crore equity shares (about 50.80% of paid-up capital) to Zenrock Chemicals Private Limited along with three funds (India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund) at INR 256.30 per share. Since buyers cross 25% voting rights, a mandatory open offer for an additional 26% of expanded share capital will follow under SEBI Takeover Regulations. Acquirer will appoint 3 nominee directors; 2 existing directors including Mr. Sajal Jain will resign, and sellers will exit the promoter group on completion.

Likely market impact

Change of control incoming. Mandatory open offer for 26% from public shareholders at or near the deal price of INR 256.30 likely. Promoters exiting fully; new management taking over.