Indo Borax completes its 64.26% Kronox purchase, and one listed company now controls another

On September 29, 2026, at 15:44 IST — fourteen minutes after the close — Indo Borax & Chemicals informed the exchanges of the completion of its acquisition of 64.26% of the share capital of Kronox Lab Sciences Limited. That closes out a transaction first announced on August 20, when the board approved a share purchase agreement for 2,38,44,000 Kronox shares in a filing captioned Acquisition and Open Offer. Forty days from announcement to completion, one funding filing in between, and a stock that has held most of the 14.8% it added on announcement day.

What the filings establish: the sellers are Kronox's promoters, the SPA runs amongst Indo Borax, those sellers and Zenrock Chemicals Private Limited, and the announcement was made jointly with an open offer. The consideration paid was ₹246.12 crore, at ₹103.22 per share. What the filings leave open, at least in the portions cited here: the size of the acquisition borrowing and the open offer's price and timetable. For a company whose entire market value is about ₹1,567 Cr — 3.21 crore shares at ₹488.40 — the size of that borrowing matters, and it is the obvious next disclosure to watch.

The announcement did the repricing in a single session: from ₹433.85 on August 19 to ₹498.15 on August 20, a +14.8% move on 61 lakh shares against volumes that had been running under 1.5 lakh in the preceding sessions. The stock then held a ₹483–516 band through early September before drifting to ₹451.00 by September 25. The last two sessions are worth reading carefully: Monday, September 28 added +5.9% on 82.3 lakh shares — the heaviest volume since announcement day — and Tuesday added +2.3% to ₹488.40. Both moves came before the completion filing reached the exchange at 15:44 IST on Tuesday; the only other filing in that window was a routine trading-window closure on Monday evening. The completion itself gets its first tradable session on September 30. At ₹488.40 the stock sits 10.0% under its adjusted 52-week high of ₹542.55 and 12.6% above where it closed the evening before the deal broke.

The buyer comes into this transaction from a strong quarter: Q1 FY27 consolidated revenue of ₹70.36 Cr grew +31.3% over Q1 FY26's ₹53.57 Cr, and net profit of ₹16.25 Cr grew +59.3%, at a 28.1% operating margin. Interest expense in that quarter was ₹0.05 Cr — effectively nothing — which is what makes the September 24 funding filing the structural change here: the acquisition is at least partly debt-financed, against a P&L that has not been servicing debt. On the register, promoters held 38.41% (1.23 crore of 3.21 crore shares) as of June 30, 2026, with institutional holdings of roughly 40,230 shares (FII) and 14,400 shares (DII) — near-zero, consistent with the small-cap liquidity caution above.