Kronox Lab Sciences Limited (KRONOX)
Announcement of SPA executed by Promoter with Indo Borax & Chemicals Limited (Acquirer)and Zenrock Chemicals Privated Limited (PAC)
SPA executed by promoters to sell 64.26% stake to Indo Borax & Chemicals Ltd
- Sellers: 3 promoters holding 74.21% total, selling 64.26% to Acquirer
- SPA price: Rs 103.22/share; effective price Rs 105.87/share including consultancy fees
- Completion subject to conditions; triggers mandatory open offer under SEBI Takeover Regulations
- Post-transaction, Acquirer becomes promoter; Sellers reclassified as public
- Sellers to resign from board; Acquirer to appoint 3 nominee directors
- Sellers' remaining 9.95% shares locked-in; Acquirer has right of first refusal
- Sellers to provide consultancy post-transaction
- Restrictions on Sellers' voting rights until completion
- Transaction is arm's length, no related party involvement
Source: Original filing PDF
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