Shares of Kronox Lab Sciences rallied 32% over two trading sessions after Indo Borax and Zenrock Chemicals announced plans to acquire a 64.26% stake in the company, according to a report by Economic Times Markets.

Alongside the proposed stake purchase, the acquirers intend to launch an open offer to public shareholders for an additional 25.79% of Kronox Lab Sciences. Under India's takeover regulations, an acquirer that crosses prescribed shareholding thresholds or gains control of a listed company must make an open offer, giving public shareholders an opportunity to sell their shares; participation is voluntary, so shareholders can also decline and remain invested. If the stake purchase and the full open offer were completed, the acquirers' combined holding in the company would amount to as much as 90.05%.

The announcement triggered the sharp two-day surge in the Kronox Lab Sciences share price. The report did not disclose the transaction price, the identity of the selling shareholders, or a timeline for completing the deal.

Taken to its maximum, the transaction would leave non-acquirer shareholders with roughly 9.95% of Kronox — well below the 25% minimum public shareholding that Indian listing rules require of listed companies, a shortfall that is typically resolved through the delisting route. Indian takeover rules also prescribe floor-price parameters for open offers, meaning the offer price cannot simply be set at the acquirers' discretion. The next concrete details to watch are the formal open offer documents, which set out the offer price and timetable; the report does not address these steps.

Kronox Lab Sciences Ltd is a company listed on India's stock exchanges. Indo Borax, formally Indo Borax & Chemicals Ltd, is a listed Indian manufacturer of boron chemicals.

Report: Economic Times Markets — Kronox Lab Sciences shares rally 32% in 2 days as Indo Borax, Zenrock Chemicals eye stake acquisition