Control Transferred: Indo Borax Acquires 64.26% Stake; Erstwhile Promoters to Reclassify as Public

Control of the company has changed hands.

Tue 29 Sep 2026

Stake Transferred

2,38,44,000 equity shares (64.26% of paid-up capital)

Transfer Date

September 29, 2026

New Promoter

Indo Borax & Chemicals Limited

Erstwhile Promoters Remaining Stake

36,90,000 shares (9.95%)

Open Offer Shares

95,70,000 shares (25.79% of voting share capital)

What happened

The company has intimated the exchanges that the share transfer under the Share Purchase Agreement dated August 20, 2026 has been completed on September 29, 2026.

• 2,38,44,000 equity shares, representing 64.26% of the total paid-up equity share capital, were transferred from the sellers to the purchaser along with the requisite consideration.
• The sellers were Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani and Mr. Jogindersingh Gianchand Jaswal.
• The acquirer is Indo Borax & Chemicals Limited, with Zenrock Chemicals Private Limited as a person acting in concert.

New promoter

Pursuant to the share transfer, the acquirer has acquired control of the company and has become the promoter under the Listing Regulations. The acquirer intends to exercise sole control over the company.

Erstwhile promoters

After the transfer, the sellers collectively hold 36,90,000 equity shares, aggregating to 9.95% of the total paid-up equity share capital. They, along with other members of the promoter group, intend to cease to be promoter/promoter group and be re-classified as public, under Regulation 31A(10).

The company states that the erstwhile promoter group and related persons together do not hold more than 10% of total voting rights, do not exercise control, have no special rights through formal or informal arrangements, are not on the board, are not key managerial personnel, are not wilful defaulters and are not fugitive economic offenders.

This is stated to be completed subject to there being no objections, adverse observations or concerns raised by any regulatory or competent authority.

Open offer

The acquirer, along with Zenrock Chemicals Private Limited, is undertaking an open offer to acquire up to 95,70,000 equity shares, representing 25.79% of the voting share capital, from public shareholders, under the SEBI Takeover Regulations. The public announcement was dated August 20, 2026, the detailed public statement August 27, 2026, and the draft letter of offer September 04, 2026.

Why it matters

A change in control means new ownership and likely a new strategic direction for the company. Public shareholders also have the option of tendering shares in the open offer once its terms and timeline are finalised.

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