Indo Borax & Chemicals Limited has successfully concluded its postal ballot remote e-voting process, with all four resolutions receiving shareholder approval. The e-voting period commenced on Thursday, April 09, 2026, at 9:00 a.m. (IST) and concluded on Friday, May 08, 2026, at 5:00 p.m. (IST). The results were submitted to the stock exchanges on May 11, 2026, pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Voting Participation Overview

The record date for the postal ballot was April 03, 2026, on which a total of 20751 shareholders were registered. The company dispatched the postal ballot notice electronically on Wednesday, April 08, 2026, and published an advertisement in The Free Press Journal (English) and Navshakti (Marathi) on Thursday, April 09, 2026. The overall voting participation across all resolutions is summarised below.

Resolutions Considered and Results

Four resolutions were put to shareholders through the postal ballot process. Three were special resolutions and one was an ordinary resolution. All were declared passed with requisite majority. The scrutinizer's report confirmed that for all three special resolutions, votes cast in favour exceeded three times the votes cast against, while the ordinary resolution received a simple majority in favour.

Resolution 1 — ESOP 2026 Introduction (Special Resolution)

Shareholders considered and approved the introduction and implementation of the "Indo Borax & Chemicals Limited Employees Stock Option Plan – ESOP 2026."

Result: Passed — 36 members voted in favour (16976502 valid votes, 99.3084%), while 2 members voted against (118221 valid votes, 0.6916%).

Resolution 2 — ESOP 2026 Grant Exceeding 1% of Issued Capital (Special Resolution)

Shareholders approved the grant of Employee Stock Options equal to or exceeding 1% of the issued capital of the company to identified employees under the ESOP 2026 plan.

Result: Passed — 36 members voted in favour (16976502 valid votes, 99.3084%), while 2 members voted against (118221 valid votes, 0.6916%).

Resolution 3 — Investments and Loans Beyond Section 186 Limits (Special Resolution)

Shareholders approved the company's ability to make investments, give loans, guarantees, and security in excess of the limits specified under Section 186 of the Companies Act, 2013.

Result: Passed — 35 members voted in favour (16976302 valid votes, 99.3073%), while 3 members voted against (118421 valid votes, 0.6927%).

Resolution 4 — Commission to Non-Executive Directors (Ordinary Resolution)

Shareholders approved the payment of remuneration by way of commission to directors other than the Managing Director and Whole-Time Director.

Result: Passed — 36 members voted in favour (17094473 valid votes, 99.9985%), while 2 members voted against (250 valid votes, 0.0015%).

Scrutinizer's Details

The postal ballot process was scrutinized by CS Sandhya R. Malhotra, Partner at M/s. Manish Ghia & Associates, Company Secretaries, appointed by the Board of Directors on April 06, 2026. The scrutinizer's report was issued to the company on May 11, 2026.

The scrutinizer confirmed that for Resolution Nos. 1, 2, and 3 (Special Resolutions), votes cast in favour exceeded three times the votes cast against. For Resolution No. 4 (Ordinary Resolution), votes cast in favour exceeded those cast against. All resolutions contained in the Postal Ballot Notice dated April 06, 2026 were accordingly declared passed with requisite majority. The results and scrutinizer's report have been uploaded on the company's website at www.indoborax.com and on the e-voting agency's platform. The filing was signed by Pravin Chavan, Company Secretary & Compliance Officer, Membership No. A16857.

Zenrock Chemicals Private Limited, along with persons acting in concert (PACs) comprising India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund, has successfully completed the open offer for the acquisition of equity shares of Indo Borax & Chemicals Limited . The offer, managed by IIFL Capital Services Limited (formerly known as IIFL Securities Limited), was conducted in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The open offer opened on April 10, 2026, and closed on April 24, 2026, with payment of consideration scheduled for April 30, 2026. The offer price was fixed at ₹256.30 per fully paid-up equity share of face value ₹1.00 each. A total of 24,44,934 equity shares were tendered by public shareholders during the offer period, all of which were accepted. The total consideration paid for the accepted shares amounted to ₹62,65,34,064.20.

Offer Details and Shareholding Pattern

The open offer was initially proposed for the acquisition of up to 83,43,400 equity shares, representing 26.00% of the voting share capital. However, the actual tendering was lower than the maximum offer size. Out of the total shares tendered, 24,44,534 shares were in dematerialised form and were validly tendered and accepted, while 400 shares tendered in physical form were rejected as they were not validly tendered.

Prior to the open offer, the acquirer and PACs had already acquired 1,63,00,230 equity shares representing 50.80% of the expanded voting share capital through a share purchase agreement consummated on January 23, 2026. This included 98,82,230 shares acquired by Zenrock Chemicals (30.80%), 23,87,496 shares by India Special Assets Fund III (7.44%), 24,26,004 shares by ISAF III Onshore Fund (7.56%), and 16,04,500 shares by Special Situation India Fund (5.00%).

Post-Offer Shareholding Structure

Following the completion of the open offer, the combined shareholding of the acquirer and PACs increased to 1,87,44,764 equity shares, representing 58.41% of the expanded voting share capital. Zenrock Chemicals' individual holding stands at 1,23,26,764 shares (38.41%), while the PACs' holdings remain unchanged from their pre-offer acquisitions.

The public shareholders' post-offer shareholding stands at 1,33,45,236 equity shares, representing 41.59% of the expanded voting share capital. The post-offer advertisement was published in Financial Express (All Edition), Jansatta (All Edition), and Navshakti (Mumbai Edition) on May 4, 2026, in accordance with Regulation 18(12) of the SEBI (SAST) Regulations. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) acted as the Registrar to the Offer.