Indo Borax & Chemicals Limited has received a detailed public statement regarding an open offer by Zenrock Chemicals Private Limited and its associates for acquisition of equity shares. The company disclosed this development pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Open Offer Details

The open offer has been initiated by Zenrock Chemicals Private Limited (Acquirer) along with India Special Assets Fund III (PAC1), ISAF III Onshore Fund (PAC2), and Special Situation India Fund (PAC3) collectively referred to as PACs (Persons Acting in Concert).

The offer price of ₹256.30 per share has been determined in accordance with Regulation 8 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, representing the highest of various pricing benchmarks including volume weighted average market price and negotiated acquisition price.

Regulatory Compliance and Publication

The detailed public statement was published in multiple newspapers as required under Regulation 14(3) of the Takeover Regulations.

IIFL Capital Services Limited is acting as the manager to the open offer on behalf of the acquirer and PACs. The offer is being made pursuant to Regulations 3(1) and 4 read with other applicable provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011.

Share Purchase Agreement Background

The open offer follows a Share Purchase Agreement (SPA) executed between the acquirer and the PACs with certain sellers. Under this agreement, the acquirer is set to acquire 1,63,00,290 equity shares representing 50.00% of the existing voting share capital of the target company.

Financial Arrangements

The acquirer has made comprehensive financial arrangements for the transaction, including issuing ₹750.00 crores of fully paid-up Compulsorily Convertible Preference Shares (CCPS) to fund the acquisition and open offer obligations.

The PACs have also entered into financing arrangements aggregating ₹390.00 crores to support their participation in the transaction structure.

Regulatory Approvals and Timeline

No statutory or regulatory approvals are required for the open offer. The offer will remain open for acceptance by public shareholders for a period of at least 10 working days but not exceeding 10 working days from the date of publication of the detailed public statement.

Shareholders who wish to participate in the open offer will need to submit their acceptance through the designated procedures outlined in the detailed public statement, with IIFL Capital Services Limited serving as the manager to facilitate the process.

Indo Borax & Chemicals Ltd , a leading manufacturer and seller of chemicals, has reported a significant increase in its financial performance for the quarter ended September 30, 2025. The company's net profit surged to Rs 1,609.06 lakhs, marking a substantial increase from Rs 902.87 lakhs in the same quarter last year.

Financial Highlights

The company's financial results for Q2 showcase robust growth:

All figures in Rs lakhs

• The company recorded exceptional items of Rs 934.72 lakhs, representing profit from the sale of office premises

Half-Year Performance

For the half-year period, Indo Borax & Chemicals reported:

• Net profit of Rs 2,612.59 lakhs, up from Rs 2,288.83 lakhs in the previous year

Business Segment

The company operates in a single segment of manufacturing and selling chemicals.

Corporate Governance

The Board of Directors approved these results at their meeting held on November 11, 2025.

Outlook

The significant growth in revenue and profitability, bolstered by the exceptional gain from the sale of office premises, positions Indo Borax & Chemicals well for future growth. However, investors should note the impact of the one-time gain when assessing the company's core operational performance.

As the chemical sector continues to evolve, Indo Borax & Chemicals' ability to maintain its growth trajectory will be a crucial factor to watch in the coming quarters.