KEC International Limited has announced that CARE Ratings Ltd. has reaffirmed the credit ratings for its banking facilities worth ₹19,800 crores. The company informed the stock exchanges about this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Credit Rating Details

CARE Ratings communicated the rating decisions for various banking facilities maintained by KEC International. The rating agency has maintained a stable outlook across the reaffirmed ratings, indicating confidence in the company's financial position.

Enhancement in Banking Facilities

Notably, the long-term/short-term bank facilities have been enhanced from the previous amount of ₹15,500 crores to ₹16,800 crores, representing an increase of ₹1,300 crores. This enhancement suggests the company's improved access to banking credit and potential expansion of its operational requirements.

Rating Withdrawal

CARE Ratings has withdrawn the rating for non-convertible debentures, citing that the instrument was not placed in the market. This withdrawal is a routine action when financial instruments are not utilized by companies for fundraising purposes.

Regulatory Compliance

KEC International has duly informed both the National Stock Exchange of India Limited and BSE Limited about the credit rating communication. The disclosure was made through the company's Company Secretary and Compliance Officer, Suraj Eksambekar, ensuring adherence to regulatory requirements for listed entities.

Conclusion

In this latest update, CARE Ratings reaffirmed KEC International's credit ratings for banking facilities worth ₹19,800 crores, with long-term facilities rated CARE A (Stable) and enhanced short-term facilities.

Indo Borax & Chemicals has become the subject of a mandatory open offer following the execution of a Share Purchase Agreement on December 15, 2025. Zenrock Chemicals Private Limited, along with consortium partners India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund, has acquired 50.80% shareholding from promoters at ₹256.30 per share, triggering regulatory compliance requirements under SEBI takeover regulations.

Official Regulatory Disclosure

The company has issued an official disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming receipt of the public announcement from IIFL Capital Services Limited. The disclosure was made to both BSE Limited and National Stock Exchange of India Limited on December 15, 2025.

Open Offer Structure and Compliance

The acquisition has necessitated a mandatory open offer to public shareholders for an additional 26.00% of voting share capital, representing 83,43,400 equity shares. The offer maintains the same price of ₹256.30 per share, with total consideration reaching ₹2,13,84,13,420.00 assuming full acceptance.

Acquisition Details and Consortium Structure

The underlying transaction involves Zenrock Chemicals as the primary acquirer, supported by three persons acting in concert (PACs). The distribution of acquired shares reflects a strategic consortium approach to the takeover.

Promoter Exit and Shareholding Transfer

The transaction represents a complete exit by existing promoters, with all selling entities transferring their entire holdings. The promoter group members involved in the sale include key stakeholders who have controlled the company's operations.

Financing and Control Arrangements

Zenrock Chemicals has established comprehensive financing arrangements with the PACs through debenture and preference share structures. The PACs have subscribed to ₹390.00 crores in secured debentures and ₹75.00 crores in compulsorily convertible preference shares, providing necessary financial resources for the acquisition.

Under the Limited Purpose Agreement executed alongside the main transaction, Zenrock will exercise sole control over Indo Borax & Chemicals and become the new promoter. The PACs, while participating in the acquisition, will not exercise control and are designated as persons acting in concert solely for this transaction's purpose.

Regulatory Timeline and Next Steps

The open offer operates under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. A Detailed Public Statement will be published within five working days, by December 22, 2025, containing comprehensive offer terms and conditions. The acquirers have confirmed adequate financial resources and firm financing arrangements to meet all regulatory obligations.

The transaction does not involve any intention to delist Indo Borax & Chemicals, ensuring continued public trading of shares. IIFL Capital Services Limited serves as the Manager to the Open Offer, facilitating the regulatory compliance process.