Indo Borax & Chemicals524342Stake acquisition deal

Share purchase agreement amended: lock-in and right of first refusal deleted for 9.95% stake

Indo Borax & Chemicals has executed an amendment agreement dated October 22, 2026 with the Sellers and Zenrock Chemicals Private Limited, amending the share purchase agreement dated August 20, 2026.

By ScoutQuest · Fri 23 Oct 2026, 9:36 AM IST · 2 min read

9.95%Sellers' aggregate shareholding in Kronox Lab Sciences Ltd

Sellers' aggregate shareholding in Kronox Lab Sciences Ltd: 9.95%.

Lock-in removed on stake: Sellers' aggregate 9.95% shareholding in Kronox Lab Sciences Ltd is no longer subject to any lock-in
Clauses deleted: Clause 9.5 (Lock-in on Sellers' Shareholding) and Clause 9.6 (Right of First Refusal) deleted in their entirety
Agreement dates: Amendment agreement dated October 22, 2026; share purchase agreement dated August 20, 2026

What the company told the exchanges

Indo Borax & Chemicals Ltd has executed an amendment agreement dated October 22, 2026 with Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani and Mr. Jogindersingh Gianchand Jaswal (together, the Sellers) and Zenrock Chemicals Private Limited (ZCPL). This amendment agreement amends the share purchase agreement dated August 20, 2026.

What was amended

Clause 9.5 (Lock-in on Sellers' Shareholding) and Clause 9.6 (Right of First Refusal) of the share purchase agreement have been deleted in their entirety.
As a result, the Sellers' aggregate shareholding of 9.95% in the share capital of Kronox Lab Sciences Limited is no longer subject to any lock-in restrictions.
The Purchaser also ceases to hold a right of first refusal in respect of the Sellers' retained shareholding.

What these two terms mean

A lock-in is a restriction that stops a shareholder from freely dealing with their shares. With the clause deleted, that restriction on the Sellers' shares no longer applies.
A right of first refusal gave Indo Borax the first opportunity to buy those shares if the Sellers decided to sell. That right now stands removed, so the Sellers' retained shares are not tied to the company in that way.

Promoter position of the target company

The update states that the Sellers are the erstwhile promoters of Kronox Lab Sciences Limited. It also states that on and from September 29, 2026, Indo Borax has become the promoter, and ZCPL a member of the promoter group, of the target company. The stated reason for the amendment is to remove any residual ambiguity as to the Sellers' status as promoter or promoter group of Kronox Lab Sciences Limited.

Other details disclosed

The amendment agreement does not constitute a related party transaction.
The Purchaser does not have any shareholding in any of the parties to the amendment agreement.

How to read this

This is a change to the terms of a previously signed share purchase agreement, not a fresh purchase or sale of shares. It alters what the Sellers may do with their 9.95% holding and removes a purchase right that Indo Borax earlier held over those shares. Whether this matters to investors depends on how the target company's shareholding and promoter structure develop from here.

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