Kronox Lab Sciences shares hit the 20% upper circuit, after Indo Borax & Chemicals approved the acquisition of a 64.26% stake in the company.

Indo Borax & Chemicals Ltd (along with its promoter Zenrock Chemicals Private Limited as persons acting in concert) signed a Share Purchase Agreement to buy 2,38,44,000 equity shares (face value Rs 10 each) of Kronox Lab Sciences from its promoters—Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani, and Jogindersingh Gianchand Jaswal—for an aggregate consideration of approximately Rs 246.12 crore. This works out to Rs 103.22 per share (effective price including transition-support consultancy fees is reported around Rs 105.87). The deal triggers a mandatory open offer (under SEBI SAST regulations) for up to 95,70,000 equity shares, representing about 25.79% of Kronox, at Rs 157.27 per share. Completion is expected within about three months of the SPA, subject to conditions. Post-transaction, the selling promoters will retain a combined 9.95% stake and provide transition support; Indo Borax plans to appoint nominee directors.