Share purchase agreement amended; lock-in and right of first refusal on sellers' shares deleted
Kronox Lab Sciences said the share purchase agreement for sale of up to ~2.38 crore equity shares (64.26% of paid-up capital) has been amended.
By ScoutQuest · · 2 min read
- Shares covered by SPA
- up to ~2.38 crore equity shares (64.26% of paid-up capital)
- Clauses deleted
- Clause 9.5 (lock-in on sellers' shares) and Clause 9.6 (right of first refusal) stand deleted in their entirety
- Sellers' aggregate holding
- 9.95% in the share capital of the company
What the company told the exchanges
Kronox Lab Sciences has informed BSE and NSE that it received intimation from the sellers and the promoter about an amendment to the share purchase agreement (SPA) dated August 20, 2026. The amendment agreement was executed on October 22, 2026.
Who the parties are
- Indo Borax & Chemicals Limited is the purchaser.
- Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani and Mr. Jogindersingh Gianchand Jaswal are the sellers.
- Zenrock Chemicals Private Limited is also a party to the agreement.
- Kronox Lab Sciences is not a party to the agreement.
Background already on record
- The SPA covers the sale of up to ~2.38 crore equity shares held in aggregate by the sellers, constituting 64.26% of the total paid-up equity share capital of the company.
- On and from September 29, 2026, the purchaser has become the promoter and Zenrock Chemicals Private Limited has become a member of the promoter group.
- The sellers are the erstwhile promoters and collectively hold an aggregate 9.95% in the share capital of the company.
What the amendment actually changes
- Clause 9.5 (Lock-in on Sellers' Shareholding) and Clause 9.6 (Right of First Refusal) of the SPA are deleted in their entirety.
- As a result, the sellers' shares will no longer be subject to any lock-in.
- The purchaser will no longer hold a right of first refusal over the sellers' retained shareholding.
What the update says about impact
- On management or control of the listed entity: the update marks this as not applicable, indicating no change there.
- On restriction or liability imposed on the listed entity: the update states none.
- The amendment agreement does not constitute a related party transaction.
How a retail investor can read this
The change is contractual between the buyer group and the outgoing promoters. Two restrictions that sat on the sellers' retained 9.95% stake under the SPA are gone. Practically, that stake is no longer held back by a lock-in or a first-refusal right in favour of the purchaser under this agreement. Nothing in the update changes who controls the company, and it places no obligation or liability on Kronox Lab Sciences itself.
Also from Kronox Lab Sciences
Board approves acquisition of about 5000 Sq. meters plant in Dahej SEZ from Axiom Chemicals
14 Oct 2026
Board approves acquisition of a plant of about 5000 Sq. meters in Dahej SEZ from Axiom Chemicals
14 Oct 2026
PIT Reg 7(2) disclosures: promoters' sale of 9796400 shares each; acquirer acquired 2,38,44,000 shares (64.26%)
1 Oct 2026
More numbers
- Sale shares covered under the SPA2,38,44,000 equity shares
- Sale shares as % of total paid-up equity share capital64.26%
- Sellers' collective aggregate shareholding9.95%
- Purchaser's aggregate shareholding64.26%
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