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The Economic Times
The Economic Times
Business
Rounak Khare

Kronox Lab Sciences shares rally 32% in 2 days as Indo Borax, Zenrock Chemicals eye stake acquisition

Kronox Lab Sciences BSE

Shares of chemical manufacturer Kronox Lab Sciences rallied over 10% to Rs 205.75 on the BSE on Friday, after the company announced that Indo Borax and Zenrock Chemicals have made an open offer to the public shareholders of Kronox Lab Sciences to acquire up to a 25.79% stake in the company, in a regulatory filing on the BSE.

Indo Borax announced on Thursday that it will acquire a 64.26% stake in Kronox Lab Sciences, along with Zenrock Chemicals, acting as a person acting in concert (PAC), through an open offer to acquire up to 95.7 lakh equity shares, representing a 25.79% stake. Post-transaction, Kronox Lab Sciences’ erstwhile promoters will continue to hold a 9.95% stake and provide transition support.

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