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.
The acquisition is part of a long-term strategy to diversify the company's portfolio by investing in sectors that demonstrate stability and growth potential, Indo Borax & Chemicals said, as per a regulatory filing on the BSE. The company also intends to nurture and expand Kronox Lab Sciences' business and maximise value creation for all stakeholders.
Following the acquisition, Indo Borax & Chemicals will acquire control and voting rights of 25.79% of the voting share capital of Kronox Lab Sciences.
Kronox Lab Sciences Share Price
Kronox Lab Sciences shares hit a 20% upper circuit in Thursday’s session, following the announcement by Indo Borax. The shares of the company gained 3% in the last three months, but have declined over 8% in the year so far.
In the longer term, Kronox Lab Sciences shares have delivered 19% returns over the last three years, and over 40% returns in the last five years.
About Kronox Lab Sciences Ltd.
Incorporated in 2008 and headquartered at Vadodara, Gujarat, Kronox Lab Sciences Limited manufactures highpurity speciality fine chemicals, including excipients, reagents, buffers and intermediates, for the pharmaceutical, nutraceutical, biotechnology, agrochemical, scientific research, laboratory testing, metallurgy and personal care industries. The Company operates multiple manufacturing units in Gujarat and markets a portfolio of more than 185 products across domestic and export markets.
Kronox Lab Sciences had reported revenue of approximately Rs 101 crore and profit after tax of Rs 28 crore for FY2026.
