Now Reading: Kronox Lab Sciences promoters sell 64.26% stake for Rs 246 crore
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Kronox Lab Sciences promoters sell 64.26% stake for Rs 246 crore
Kronox Lab Sciences promoters sell 64.26% stake for Rs 246 crore
Vadodara-based speciality chemicals company Kronox Lab Sciences Ltd, which listed on stock exchanges in 2024, is changing hands. Its three promoters will sell 64.26 per cent stake to Mumbai-based Indo Borax & Chemicals Ltd for Rs 246 crore, and retain 9.95 per cent. The deal triggers a mandatory open offer for up to 25.79 per cent from public shareholders at Rs 103.22 per share.
Kronox makes high-purity speciality fine chemicals used in pharma, nutraceuticals, biotech and other sectors. It reported revenue of around Rs 101 crore and profit after tax of about Rs 28 crore in FY26. Indo Borax managing director Suresh Kalra said the acquisition will help the acquirer diversify beyond its core boron-based chemicals business and improve margins. The founders will provide transition support under consultancy agreements after the transaction closes.
Indian Opinion Analysis
This is a rare instance of a company changing control barely two years after its IPO, suggesting the promoters saw a strategic fit or valuation opportunity they could not realise alone. The open offer at Rs 103.22 per share will test whether minority investors who bought in during the 2024 listing see value in exiting or staying with the new promoter. For Indo Borax, the deal buys not just a listed entity but a product portfolio of 185-plus items and export channels that would take years to build organically. Watch for the open offer subscription level and any shareholder activism on price.
Source: thehindubusinessline.com
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