The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Zenrock Chemicals Pvt Ltd & PACs
INDOBORAX · price
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Awaiting price reaction for this filing.
Indo Borax & Chemicals Limited has undergone a change of control. Zenrock Chemicals Pvt Ltd, along with three Persons Acting in Concert (India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund), acquired 1,63,00,230 equity shares (~50.80% of the paid-up capital) from the Jain family sellers via an off-market Share Purchase Agreement dated December 15, 2025. Before this deal, the acquirers held NIL shares. Post-acquisition, Zenrock holds 30.80%, the three funds hold 7.44%, 7.56%, and 5.00% respectively. Zenrock is now classified as the new promoter with sole control of the company. The disclosure was filed on January 23, 2026, the date of acquisition.
This is a clear change-of-control transaction. An open offer to remaining public shareholders is likely required under SEBI SAST rules, so the open offer price will be a key catalyst. The Jain family is fully exiting, and the stock may see significant volatility around the open offer announcement and pricing.