Indo Borax buys 64.26% of Kronox Lab for Rs 246 crore

What's the deal? Indo Borax & ChemicalsDealroom has a profile for this one. Try Dealroom → has approved acquiring a 64.26% majority stake in Kronox Lab SciencesDealroom has a profile for this one. Try Dealroom → for Rs 246.12 crore. It will buy 23,844,000 equity shares at Rs 103.22 apiece from Kronox's promoters, including Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani, and Jogindersingh Gianchand Jaswal. Including consultancy fees, the effective price is Rs 105.87 per share.

What changes now? A share purchase agreement is signed, and Indo Borax will gain control of Kronox and integrate its operations. Under SEBI (SAST) Regulations, it will also launch a mandatory open offer for up to 25.79% more of Kronox's shares at Rs 157.27 per share.

By the numbers: Kronox reported turnover of Rs 89.86 crore in FY 2023-24. It is projected to exceed Rs 100 crore in FY 2025-26.

The signal: The acquisition reflects consolidation in India's specialty chemicals segment. For Indo Borax, majority control offers a foothold in a higher-margin niche beyond its traditional business.

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