Indo Borax buys 64.26% of Kronox Lab for US$33.4M
What's the deal? Indo Borax & ChemicalsDealroom has a profile for this one. Try Dealroom → has approved acquiring a 64.26% majority stake in Kronox Lab SciencesDealroom has a profile for this one. Try Dealroom → for US$33.4M. It will buy 23,844,000 equity shares at US$1.4 apiece from Kronox's promoters, including Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani, and Jogindersingh Gianchand Jaswal. Including consultancy fees, the effective price is US$1.44 per share.
What changes now? A share purchase agreement is signed, and Indo Borax will gain control of Kronox and integrate its operations. Under SEBI (SAST) Regulations, it will also launch a mandatory open offer for up to 25.79% more of Kronox's shares at US$2.14 per share.
By the numbers: Kronox reported turnover of US$12.2M in FY 2023-24. It is projected to exceed US$13.6M in FY 2025-26.
The signal: The acquisition reflects consolidation in India's specialty chemicals segment. For Indo Borax, majority control offers a foothold in a higher-margin niche beyond its traditional business.
Read more: Whalesbook
Image credit: Generated with Gemini
