Kronox Lab Sciences Limited (NSE:KRONOX), a Vadodara-based speciality chemicals manufacturer, disclosed on 20 August 2026 that Indo Borax and Chemicals Ltd has signed a Share Purchase Agreement to acquire a 64.26% stake for an aggregate consideration of Rs 246.12 crore, with an open offer to follow for up to a further 25.79%.
Key Highlights
- Indo Borax will acquire 2,38,44,000 equity shares of Kronox Lab Sciences at Rs 10 face value each for a total consideration of Rs 246.12 crore under the signed SPA.
- Indo Borax's board approved an open offer, with Zenrock Chemicals Private Limited acting as a person acting in concert, to acquire up to 95,70,000 additional equity shares, representing a 25.79% stake in Kronox Lab Sciences.
- The founding promoters of Kronox Lab Sciences, Mr. Jogindersingh Jaswal, Mr. Ketan Ramani, and Mr. Pritesh Ramani, will retain a 9.95% stake and provide transition support following the acquisition.
- The indicative timeline to complete the full acquisition is approximately three months from the date of signing the SPA on 20 August 2026.
About the Company
Kronox Lab Sciences Limited (NSE:KRONOX), incorporated in 2008 and headquartered in Vadodara, Gujarat, manufactures high-purity speciality fine chemicals including excipients, reagents, buffers, and intermediates. The company serves pharmaceutical, nutraceutical, biotechnology, agrochemical, and personal care industries across domestic and export markets, operating multiple manufacturing units in Gujarat with a portfolio of more than 185 products. For FY2026, the company reported revenue of approximately Rs 101 crore and profit after tax of approximately Rs 28 crore.
Announcement in Detail
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Kronox Lab Sciences filed a press release on 20 August 2026 confirming the signing of a Share Purchase Agreement between Indo Borax and Chemicals Ltd (NSE:INDOBORAX), Zenrock Chemicals Private Limited, and the founding promoters of Kronox Lab Sciences. Under the SPA, Indo Borax will acquire 2,38,44,000 equity shares of Rs 10 face value each for Rs 246.12 crore, constituting a 64.26% stake.
Alongside the SPA, Indo Borax's board approved an open offer, with Zenrock Chemicals acting as a PAC, to acquire up to 95,70,000 equity shares representing 25.79% of Kronox Lab Sciences. The three founding promoters, who have led the company since its incorporation in 2008 through its 2024 stock exchange listing, will remain shareholders at a 9.95% post-transaction stake and provide transition support to the incoming management.
Impact on Investors
Investors will note that this transaction involves two distinct stages: the SPA-based acquisition of a 64.26% controlling stake, which constitutes board-level approval, and a subsequent open offer for up to 25.79% more, which remains subject to SEBI's takeover regulations and regulatory completion. These are materially different approval stages and should not be treated as a concluded transaction at this time.
The filing shows that existing public shareholders of Kronox Lab Sciences will have an opportunity to tender shares in the open offer if they choose to do so, once the open offer formally opens under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. Shareholders will observe that the founding promoter group's stake will reduce to 9.95% post-transaction, which the filing indicates will be accompanied by a structured transition arrangement with the incoming acquirer.
Sector / Market Context
India's speciality chemicals sector has attracted sustained consolidation interest from domestic acquirers seeking to expand product portfolios and improve export reach. According to industry bodies such as FICCI, India's speciality chemicals market has been growing on the back of global supply chain diversification trends, with pharmaceutical-grade and high-purity chemical segments considered strategically important. Indo Borax, established in 1980 and recognised by Forbes Asia Pacific in its Top 200 Under A Billion Dollar Public Companies list for 2023, operates in adjacent boron-based chemistry, making Kronox's fine chemicals capabilities a complementary addition to its existing manufacturing base at Pithampur, Madhya Pradesh.