AZB & Partners and Cyril Amarchand Mangaldas (CAM) advised on Zenrock–Edelweiss Consortium’s ₹4,200 crore acquisition of Promoter stake in Indo Borax & Chemicals Ltd.

The transaction resulted in a change of control and triggered a mandatory open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

AZB & Partners represented the promoters of Indo Borax & Chemicals Limited, a listed company, on the sale of their entire promoter and promoter group shareholding (approximately 50.80%) to a consortium led by Zenrock Chemicals Private Limited and Edelweiss-managed investment funds, for a consideration of approximately ₹4.2 billion.

The AZB deal team was led by Senior Partner Vaidhyanadhan Iyer and Partner Abhilash Chandran, supported by Senior Associate Bhanu Prakash J. Joshi and Associates Pavit Kaur and Gaurav Jayakumar, with additional support from Senior Associate Priya Venkatesan. Real estate aspects were advised by Partner Ruchit Parikh and Associate Pratyush Chaturvedi; employment matters by Partner Ajay Singh Solanki; and tax aspects by Partner Shruti KP, Consultant Shreya Chheda, and Associate Mahima Agrawal.

Cyril Amarchand Mangaldas acted as the legal counsel to Zenrock Chemicals Private Limited and EAAA India Alternatives Limited in acquiring the entire promoter and promoter group stake in Indo Borax & Chemicals Limited.

The CAM transaction was led by Partner Amey Pathak (Head – Banking), Partner Smruti Shah (General Corporate), and Partner Surya Sreenivasan, with support from Principal Associates Kabir Manchanda and Satvik Kulshrestha, Senior Associate Priya Gupta, and Associate Arunimaa Jaiswal. The acquisition financing was advised by Amey Pathak and Surya Sreenivasan, supported by Kabir Manchanda, while tax aspects were handled by Partner Kunal Savani with support from Associate D R Shashank.