NSE has notified all Capital Market segment members of an upcoming takeover offer for Indo Borax and Chemicals Limited (symbol: INDOBORAX, series: TO). The acquirer, Zenrock Chemicals Private Limited, along with three Persons Acting in Concert (PACs) — India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund — has sought use of NSE’s web-based bidding platform. The offer is conducted under the Tender Offer Scheme as per NSE circular NSE/CMTR/52776 dated June 29, 2022.

Key Points

• Acquirer: Zenrock Chemicals Private Limited, along with PAC1 (India Special Assets Fund III), PAC2 (ISAF III Onshore Fund), and PAC3 (Special Situation India Fund)
• Security: INDOBORAX | Series: TO | ISIN: INE803D01021
• Offer price: Rs. 256.30 per share (fixed price)
• Issue size: Up to 83,43,400 equity shares
• Face value: Re. 1 per share; Lot size: 1 equity share
• Offer type: Takeover | Issue type: Fixed Price
• Merchant Banker: IIFL Capital Services Limited
• Registrar: MUFG Intime India Private Limited
• Live bidding URL: https://eipo.nseindia.com
• Order modification (quantity) or cancellation is NOT permitted for takeover offers

Regulatory Changes

No new regulatory changes are introduced. The offer is governed by the existing Tender Offer Scheme under NSE/CMTR/52776 dated June 29, 2022. Members are directed to refer to that circular for full procedural details.

Compliance Requirements

• All trading members of the Capital Market segment are eligible to participate
• Members already registered on the web-based IPO bidding platform can use existing credentials
• Members without access must log in to the admin terminal using their Admin ID (format: Adminxxxxx, where xxxxx is the Member Code) and create branches/users before participating
• Bidding categories supported: FII, MF (Mutual Funds), IC (Insurance Company), FI (Banks & Financial Institutions), OTH (Other QIBs), CO (Bodies Corporate), IND (Individuals), NOH (Other Non-Institutional Investors)

Important Dates

• Issue Period: April 10, 2026 to April 24, 2026
• Bidding Time (all days): 9:15 a.m. to 3:30 p.m.
• Custodial Confirmation Time (all days): 9:15 a.m. to 3:30 p.m.
• Custodial Confirmation on Issue Closure Day: 9:15 a.m. to 4:00 p.m.

Impact Assessment

This circular has a direct and significant impact on shareholders of Indo Borax and Chemicals Limited, who may tender their shares at the fixed offer price of Rs. 256.30. Trading members need to ensure platform access is configured before April 10, 2026. The offer is large in scope (up to 83.43 lakh shares) and involves multiple institutional acquirers, suggesting a material change in the company’s ownership structure. The restriction on order modification or cancellation makes it critical for members to exercise due diligence before placing bids.