{"id":370410,"date":"2025-12-20T11:30:29","date_gmt":"2025-12-20T06:00:29","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=370410"},"modified":"2025-12-20T11:15:57","modified_gmt":"2025-12-20T05:45:57","slug":"cyril-amarchand-mangaldas-advises-zenrock-eaaa-indo-borax-open-offer","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/20\/cyril-amarchand-mangaldas-advises-zenrock-eaaa-indo-borax-open-offer\/","title":{"rendered":"Cyril Amarchand Mangaldas Advises Zenrock Chemicals and EAAA India Alternatives on Indo Borax Acquisition and Open Offer"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">Cyril Amarchand Mangaldas (&#8220;<span style=\"font-weight: bold;\">CAM<\/span>&#8221;) advised Zenrock Chemicals Private Limited (&#8220;<span style=\"font-weight: bold;\">ZCPL<\/span>&#8221;) and EAAA India Alternatives Limited (&#8220;<span style=\"font-weight: bold;\">EIAL<\/span>&#8221;) in their proposed acquisition of the entire promoter and promoter group shareholding (i.e., 50.80%) held in Indo Borax &amp; Chemicals Limited (&#8220;<span style=\"font-weight: bold;\">Target Company<\/span>&#8221;), a leading manufacturer of boric acid and allied products (&#8220;<span style=\"font-weight: bold;\">Proposed Transaction<\/span>&#8221;). ZCPL and three alternate investment funds (&#8220;<span style=\"font-weight: bold;\">AIFs<\/span>&#8221;) managed by EIAL have entered into a share purchase agreement with the promoter and promoter group of the Target Company to acquire 1,63,00,230 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 (&#8220;<span style=\"font-weight: bold;\">Open Offer<\/span>&#8221;).<\/p>\n<p style=\"margin-bottom: 3%;\">CAM also advised ZCPL in securing acquisition financing for the Proposed Transaction and the Open Offer from EIAL through structured financing involving subscription by the AIFs to secured non-convertible debentures and compulsorily convertible preference shares in ZCPL.<\/p>\n<p style=\"margin-bottom: 3%;\">Additionally, we advised ZCPL and EIAL on their <span style=\"font-style: italic;\">inter se<\/span> relationship concerning the promoter and promoter group status in the Target Company following the Proposed Transaction and the Open Offer, including the drafting of a limited purpose agreement governing such relationship.<\/p>\n<p style=\"margin-bottom: 3%;\">The transaction was led by <span style=\"font-weight: bold;\">Amey Pathak,<\/span> <span style=\"font-style: italic;\">Partner (Head &#8211; Banking),<\/span>  <span style=\"font-weight: bold;\">Smruti Shah<\/span> <span style=\"font-style: italic;\">Partner (General Corporate)<\/span>, and <span style=\"font-weight: bold;\">Surya Sreenivasan<\/span> <span style=\"font-style: italic;\">Partner;<\/span> with support from <span style=\"font-weight: bold;\">Kabir Manchanda,<\/span> <span style=\"font-style: italic;\">Principal Associate;<\/span> <span style=\"font-weight: bold;\">Satvik Kulshrestha,<\/span> <span style=\"font-style: italic;\">Principal Associate;<\/span> <span style=\"font-weight: bold;\">Priya Gupta,<\/span> <span style=\"font-style: italic;\">Senior Associate;<\/span> and<span style=\"font-style: italic;\"><\/span> <span style=\"font-weight: bold;\">Arunimaa Jaiswal,<\/span> <span style=\"font-style: italic;\">Associate<\/span>.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Amey Pathak,<\/span> <span style=\"font-style: italic;\">Partner (Head &#8211; Banking)<\/span> and <span style=\"font-weight: bold;\">Surya Sreenivasan<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with support from <span style=\"font-weight: bold;\">Kabir Manchanda,<\/span> <span style=\"font-style: italic;\">Principal Associate<\/span> advised ZCPL on procuring acquisition financing for the transaction.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Kunal Savani<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with support from <span style=\"font-weight: bold;\">D R Shashank<\/span>, <span style=\"font-style: italic;\">Associate<\/span>; advised on tax related aspects of the transaction.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The transaction resulted in a change of control and triggered a mandatory open offer under SEBI takeover regulations, alongside structured acquisition financing.<\/p>\n","protected":false},"author":67011,"featured_media":370411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[90155,68835,95321,30960,95319,95318,95320,45635,95317],"class_list":["post-370410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-acquisition-financing-india","tag-cam","tag-change-of-control-transaction","tag-cyril-amarchand-mangaldas","tag-eaaa-india-alternatives","tag-indo-borax-chemicals-limited","tag-open-offer-sebi","tag-takeover-regulations","tag-zenrock-chemicals-acquisition"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cyril Amarchand 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