BSE has notified an open offer by Zenrock Chemicals Private Limited (Acquirer) along with three Persons Acting in Concert (PACs) — India Special Assets Fund III, ISAF III Onshore Fund, and Special Situation India Fund — to acquire up to 83,43,400 equity shares (26.00% of voting share capital) of Indo Borax and Chemicals Limited at Rs. 256.30 per share, payable in cash. The offer is open from April 10, 2026 to April 24, 2026, with BSE as the designated stock exchange.

Key Points

• Acquirer: Zenrock Chemicals Private Limited
• PACs: India Special Assets Fund III, ISAF III Onshore Fund, Special Situation India Fund
• Target Company: Indo Borax and Chemicals Limited
• Offer Price: Rs. 256.30 per fully paid-up equity share (face value Rs. 1.00)
• Shares Sought: Up to 83,43,400 equity shares representing 26.00% of voting share capital
• Offer Window: Friday, April 10, 2026 to Friday, April 24, 2026 (excluding SEBI Holiday on April 14, 2026)
• Designated Stock Exchange: BSE
• Offer is being made under Regulation 3(1) and Regulation 4 of the SEBI (SAST) Regulations, 2011

Regulatory Changes

No new regulatory changes introduced. This notice is issued in compliance with existing SEBI mechanism for acquisition of shares through stock exchanges pursuant to Tender-Offers under Takeover, as established by:

• SEBI Circular CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015
• SEBI Circular CFD/DCR2/CIR/P/2016/131 dated December 9, 2016
• BSE Revised Guidelines vide notices dated February 10, 2017; April 24, 2019; May 28, 2020; November 2, 2020; August 25, 2021

Compliance Requirements

• Trading Members and Custodians must follow SEBI’s stock exchange acquisition mechanism guidelines for processing tender-offer bids.
• Eligible Public Shareholders of Indo Borax and Chemicals Limited may tender their equity shares during the offer window per SEBI (SAST) Regulations.
• Excluded from tendering: Promoters and promoter group members; the Acquirer and PACs; parties to the Share Purchase Agreement, Limited Purpose Agreement, and Financing Agreements; and persons acting in concert with these parties.
• All participants must refer to offer details on the BSE website and the attached Letter of Offer.

Important Dates

• Notice Date: April 8, 2026
• Offer Opens: Friday, April 10, 2026
• SEBI Holiday (excluded): Tuesday, April 14, 2026
• Offer Closes: Friday, April 24, 2026

Impact Assessment

This open offer has a high impact on public shareholders of Indo Borax and Chemicals Limited, providing a time-limited exit opportunity at Rs. 256.30 per share. The acquisition of 26% voting share capital by Zenrock Chemicals and its PACs represents a significant change in ownership structure of the target company. Market participants must act within the April 10–24, 2026 window to participate. The offer is straightforward in cash and conducted through the designated BSE platform, reducing settlement risk for tendering shareholders.