Open offer launched for Indo Borax & Chemicals shares

Zenrock Chemicals Private Limited, along with India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund (collectively, "PACs"), has launched an open offer to acquire up to 8,343,400 equity shares of Indo Borax & Chemicals Limited. This represents 26.00% of the company's voting share capital at a price of ₹256.30 per share, totaling ₹2,13,84,13,420.00 if fully accepted.

The offer follows a Share Purchase Agreement dated December 15, 2205, where the Acquirer and PACs agreed to acquire 16,300,230 equity shares, or 50.80% of the target company, from existing sellers for ₹4,17,77,48,949.00. This acquisition will result in Zenrock Chemicals Private Limited exercising sole control and being classified as the new promoter, with the sellers ceasing to be part of the promoter group.

The open offer is mandatory under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and is not subject to a minimum level of acceptance. IIFL Capital Services Limited is managing the offer, and the Acquirer and PACs have confirmed adequate financial resources for the acquisition.