Zenrock Chemicals Private Limited has created a pledge over 98,82,230 equity shares of Indo Borax & Chemicals Limited, representing 30.80% of the company's total equity share capital. The pledge was executed on February 03, 2026, to secure debt availed by the promoter, with disclosure made under Regulation 31 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Pledge Transaction Details

The encumbrance was created in favor of Catalyst Trusteeship Limited, acting as trustee for multiple lenders including India Special Asset Fund III, ISAF III Offshore Fund, and Special Situation Fund. The disclosure was formally reported to the National Stock Exchange and Bombay Stock Exchange on February 09, 2026.

Promoter Holdings Structure

Zenrock Chemicals Private Limited, identified as a promoter of Indo Borax & Chemicals Limited, held 98,82,230 shares representing 30.80% of the total share capital before the encumbrance creation. The entire promoter holding has now been pledged as security for debt obligations.

Regulatory Compliance Framework

The disclosure was made pursuant to Regulation 31 of SEBI SAST Regulations, which mandates reporting of share encumbrances by promoters. The notification was signed by an authorized signatory of Zenrock Chemicals Private Limited from Mumbai on February 10, 2026. Indo Borax & Chemicals Limited maintains shares listed on both National Stock Exchange and Bombay Stock Exchange.

Security Arrangement Impact

The pledge creation represents a debt security mechanism rather than a change in ownership structure. Zenrock Chemicals Private Limited retains its promoter status while providing collateral security through share encumbrance. The arrangement involves multiple institutional lenders through Catalyst Trusteeship Limited as the trustee entity, ensuring structured debt security for the involved financial institutions.

Indo Borax & Chemicals Ltd has completed a major ownership transfer and comprehensive board restructuring following the sale of a controlling stake to new investors on January 23, 2026.

Share Transfer Completion

The company announced the successful completion of share transfer involving 1,63,00,230 equity shares, representing approximately 50.80% of the total paid-up equity share capital. The shares were transferred from the erstwhile promoter group members to new investors pursuant to a share purchase agreement dated December 15, 2025.

Consequent to this transaction, the erstwhile promoter group members no longer hold any equity shares and have ceased to be members of the promoter group with effect from completion of the sale transaction.

New Board Appointments

The board approved several key appointments during its meeting held on January 23, 2026, from 7:15 PM to 7:40 PM.

Executive Directors and CEO

The company appointed Mr. Suresh Kalra as Managing Director and Chief Executive Officer for a period of 5 years, subject to member approval. Mr. Kalra brings over 25 years of leadership experience in the chemicals industry with expertise in global operations, P&L management, and strategic planning across India, US, Middle East, and Asia Pacific.

Mr. Harsh Malhotra was appointed as Executive Director for 5 years, subject to member approval. He brings over a decade of global operational and strategic leadership experience, including nearly ten years at Amazon managing complex supply chain and business challenges across three countries.

Non-Executive and Independent Directors

The board appointed Mr. Sunil Malhotra as non-executive, non-independent director for 5 years. He is a seasoned entrepreneur with 38 years of experience and has been associated with iBankers Securities Inc., USA.

Three independent directors were also appointed:

Board Resignations

Several directors resigned as part of the board reorganization:

Key Management Resignations

• Mr. Sajal Jain resigned as Managing Director
• Mr. Govind Ramlal Parmar resigned as Executive Director
• Mr. Saumya Sajal Jain resigned as Chief Executive

Independent Director Resignations

Four independent directors resigned with effect from closure of business on January 23, 2026:

• Mr. Sachin Nagarmal Gupta
• Mr. Yatin N Shah
• Mr. Yogesh Pratap Patil
• Ms. Minakshi Ankush Mittal

Committee Reconstitution

The board reconstituted all major committees with effect from January 23, 2026:

Audit Committee

Nomination and Remuneration Committee

The company also reconstituted the Stakeholders Relationship Committee and Corporate Social Responsibility Committee with the new board members taking key positions across all committees.

This comprehensive restructuring marks a significant transition for Indo Borax & Chemicals Ltd as it moves forward under new ownership and leadership structure.