By: ICN Bureau
Last updated : February 05, 2026 7:40 am
The acquisition was funded through a structured arrangement involving Rs. 390 crore in secured debentures
Zenrock Chemicals Private Limited, leading a consortium of investors, successfully completed the acquisition of a 50.80% controlling stake in Indo Borax & Chemicals Limited.
Zenrock Chemicals acted as the primary acquirer (30.80% stake), supported by Persons Acting in Concert (PACs) including India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund.
The consortium acquired 1, 63, 00,230 equity shares from the existing promoter group (led by Sajal Sushilkumar Jain) at a negotiated price of Rs. 256.30 per share.
This change in control triggered a mandatory open offer for public shareholders to tender an additional 26.00% of the company's voting capital at the same price of Rs. 256.30, with a total estimated payout of approximately Rs. 213.84 crore.
Following the transfer, the board underwent a comprehensive restructuring. Suresh Kalra was appointed as the new Managing Director and CEO, while the previous promoters resigned and were formally de-classified from the promoter group.
The acquisition was funded through a structured arrangement involving Rs. 390 crore in secured debentures and Rs. 75 crore in compulsorily convertible preference shares issued by Zenrock to its partners.