Zenrock Chemicals Private Limited and three alternate investment funds managed by EAAA India Alternatives Limited have entered into a share purchase agreement with the promoter and promoter group of Indo Borax & Chemicals Limited to acquire 1,63,00,230 equity shares (50.8% shareholding) held by them.

Cyril Amarchand Mangaldas advised Zenrock Chemicals and EAAA India Alternatives on this transaction. The Firm also advised Zenrock in securing acquisition financing for the Transaction and the Open Offer from EAAA through structured financing involving subscription by the AIFs to secured non-convertible debentures and compulsorily convertible preference shares in Zenrock. Additionally, the Firm advised Zenrock and EAAA on their inter se relationship concerning the promoter and promoter group status in Indo Borax following the Transaction and the Open Offer, including the drafting of a limited purpose agreement governing such relationship.

The transaction was led by Amey Pathak (Partner, Head - Banking), Smruti Shah (Partner, General Corporate), and Surya Sreenivasan (Partner), with support from Kabir Manchanda (Principal Associate), Satvik Kulshrestha (Principal Associate), Priya Gupta (Senior Associate) and Arunimaa Jaiswal (Associate).

Amey Pathak and Surya Sreenivasan, with support from Kabir Manchanda advised Zenrock on procuring acquisition financing for the transaction.

Kunal Savani (Partner), with support from D R Shashank (Associate) advised on tax related aspects of the transaction.

Indo Borax & Chemicals Limited is a leading manufacturer of boric acid and allied products.

The Transaction will result in a change of control which has triggered a mandatory open offer.

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