The acquisition will trigger a mandatory open offer for Kronox’s public shareholders
A Gujarat speciality chemicals company that listed on the stock exchanges in 2024 is changing hands two years later, with its founding promoters giving up control to an industrial chemicals company while retaining a 9.95 per cent stake. Mumbai-based Indo Borax & Chemicals Ltd will acquire 64.26 per cent of Vadodara-based Kronox Lab Sciences Ltd from its promoters for ₹246 crore and plans to make an open offer for another 25.79 per cent from public shareholders, according to Kronox’s regulatory filing on Thursday.
The transaction will see Indo Borax become Kronox’s new promoter and marks a change in management and control of the company. The three existing promoters — Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani and Jogindersingh Gianchand Jaswal — will sell 2.38 crore shares at ₹103.22 apiece under the agreement. The sellers currently collectively hold 74.21 per cent of Kronox and will retain an aggregate 9.95 per cent stake after the transaction. Their remaining shares will be subject to a lock-in for a specified period, after which any proposed sale will be subject to Indo Borax’s right of first refusal.
Boardroom Change
The acquisition will trigger a mandatory open offer for Kronox’s public shareholders. Indo Borax, together with Zenrock Chemicals Private Ltd as a person acting in concert, will make an offer to acquire up to 95.7 lakh shares, representing 25.79 per cent of Kronox’s equity, under the takeover regulations. The open offer, if fully subscribed, could further increase the combined holding of Indo Borax and Zenrock. Indo Borax and Zenrock currently do not hold any shares in Kronox and are not related to the company or its existing promoter group, according to the regulatory filing.
The transaction also brings a change in the boardroom. Indo Borax will appoint three nominee directors to Kronox’s board, while the existing promoters will resign as directors following completion of the transaction. The founders, however, will continue to have a role during the transition. The regulatory filing said the sellers will enter into consultancy agreements with Kronox following completion of the transaction to provide transition support.
Revenue & PAT
Kronox, incorporated in 2008, manufactures high-purity speciality fine chemicals, including excipients, reagents, buffers and intermediates. Its products are used across pharmaceuticals, nutraceuticals, biotechnology, agrochemicals, scientific research, laboratory testing, metallurgy and personal care. The company has a portfolio of more than 185 products and operates multiple manufacturing facilities in Gujarat, with sales across domestic and export markets. Kronox reported revenue of around ₹101 crore and profit after tax of about ₹28 crore in FY26. The company made its debut on the stock exchanges in 2024.
The proposed change in control comes as Indo Borax seeks to diversify beyond its core boron-based chemicals business. In a statement issued separately, Indo Borax managing director and CEO Suresh Kalra said Kronox’s product portfolio and export presence would complement the acquirer’s business and help it pursue expansion, diversification and margin improvement. “Kronox’s rich experience and export presence will strengthen our offerings, and the synergies will help us fortify our margins going forward,” Kalra said.
Accelerating Growth
Kronox promoter Ketan Ramani said the transaction would allow the company to accelerate its growth plans, expand its product profile and explore new business opportunities. The sellers have also undertaken certain non-compete and non-solicit obligations for a specified period under the SPA. Until completion of the transaction, they have agreed to operate the company in the ordinary course and require the acquirer’s approval for certain actions, including material contracts, related-party transactions, new borrowing, changes to capital structure, mergers, acquisitions, major capital expenditure and entry into new lines of business.
The transaction is subject to fulfilment of conditions precedent and other terms of the SPA, as well as compliance with applicable takeover regulations. The company said the sellers will cease to be in control of Kronox and be reclassified as public shareholders upon completion, while Indo Borax will become the promoter and Zenrock Chemicals the promoter-group entity.
Published on August 20, 2026
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