Cyril Amarchand Mangaldas advised Indo Borax & Chemicals Limited (“IBCL”) and Zenrock Chemicals Private Limited (“ZCPL”) in their proposed acquisition of 64.26% (sixty four point two six per cent) of the promoter shareholding held in Kronox Lab Sciences Limited (“Target Company”), a leading manufacturer of high-purity specialty fine chemicals for diversified end-user industries (“Proposed Transaction”).
IBCL and ZCPL have entered into a share purchase agreement with the promoters of the Target Company to acquire 2,38,44,000 equity shares held by them. The Proposed Transaction will result in a change of control, which has triggered a mandatory open offer pursuant to Regulations 3 and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Open Offer”).
The transaction and diligence team was led by Smruti Shah, Partner; with assistance from Satvik Kulshrestha, Principal Associate; Arunimaa Jaiswal, Senior Associate; Parth Singhal, Astha Sonkar and Ishika Dube, Associates.
Avaantika Kakkar, Partner (Head – Competition); with support from Anand Sree, Of Counsel; advised on competition aspects of the transaction.
Amey Pathak, Partner (Head – Banking); with support from Kabir Manchanda, Principal Associate; provided strategic inputs and guidance on the matter.
