Control changes hands: 64.26% stake transferred to Indo Borax, board and KMP reconstituted

Ownership change completed.

Tue 29 Sep 2026

Equity shares transferred

2,38,44,000 equity shares

Ownership stake transferred

64.26% of paid-up capital

Acquiring company

Indo Borax & Chemicals Ltd

Transaction date

September 29, 2026

Former promoters' remaining stake

36,90,000 shares (9.95%)

What happened

The sale under the share purchase agreement dated August 20, 2026 has been completed. The Sellers — Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani and Jogindersingh Gianchand Jaswal — transferred 2,38,44,000 equity shares, being 64.26% of the total paid-up equity share capital, to Indo Borax & Chemicals Limited on September 29, 2026. Zenrock Chemicals Private Limited was also a party to the SPA.

After the transaction the Sellers collectively hold 36,90,000 equity shares, or 9.95% of the voting share capital, and they, along with other promoter group members, have ceased to be promoters/promoter group of the company.

Board changes approved

• Suresh Kalra as additional director (Managing Director and Chief Executive Officer) for 5 years from September 29, 2026, subject to members' approval
• Sunil Malhotra as additional director (executive, non-independent) and Whole-time Director for 5 years, liable to retire by rotation
• Harsh Malhotra as additional director (executive, non-independent) for 5 years, liable to retire by rotation; he is the son of Sunil Malhotra
• Amit Kumar Sharma, Anuradha Suneet Maheshwari and Dhananjay Tapasvi as non-executive independent directors, each for 5 years
• Shashikant Bharuka as Chief Financial Officer and Key Managerial Personnel for a term of 5 years

These appointments are stated to be pursuant to the board reorganisation being undertaken in accordance with the SPA.

Exits on the same day

• Jogindersingh Gianchand Jaswal resigned as Managing Director, effective immediately on delivery of his letter
• Ketan Ramani and Pritesh Vinodchandra Ramani resigned as executive directors, effective immediately
• Samir Gadhiya resigned as Chief Financial Officer, effective immediately
• Independent directors Parth Shah, Krutika Arunkumar Negandhi and Satish Kumar resigned with effect from close of business on September 29, 2026

Committees reconstituted

The Audit Committee is now chaired by Dhananjay Tapasvi with Suresh Kalra and Amit Kumar Sharma as members. The Nomination and Remuneration Committee comprises Dhananjay Tapasvi (Chairman), Amit Kumar Sharma and Anuradha Suneet Maheshwari. The Stakeholders Relationship Committee is chaired by Anuradha Suneet Maheshwari with Suresh Kalra and Harsh Malhotra. The CSR Committee is chaired by Suresh Kalra with Anuradha Suneet Maheshwari, Sunil Malhotra and Harsh Malhotra.

Other approvals

The Board also approved execution of consultancy agreements with Jogindersingh Gianchand Jaswal, Ketan Ramani and Pritesh Vinodchandra Ramani.

Why it matters

This is a completed change in control. A new owner now holds a majority stake, and the leadership team, board and all four committees have been replaced in one step, with the founding family retaining a smaller 9.95% holding and continuing in a consultancy capacity. The new MD & CEO is described as having over 25 years of leadership experience in the chemicals industry.

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