IIFL Capital Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Kronox Lab Sciences Ltd ("Target Company").

October 29, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relations Exchange Plaza, C-1, Block G, P. J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai- 400 001 Mumbai – 400 051 Dear Madam / Sir, Sub.: Open offer by Indo Borax and Chemicals Limited ("Acquirer") along with Zenrock Chemicals Private Limited ("PAC") to the public shareholders of Kronox Lab Sciences Limited ("Target Company") for acquisition of equity shares pursuant to Regulations 3(1) and 4 and other applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as amended ("SEBI (SAST) Regulations") ("Offer"). This has reference to the captioned Offer and our letters dated August 20, 2026, August 28, 2026 and September 4, 2026 for submission of the Public Announcement, Detailed Public Statement and Draft letter of Offer, respectively. Please find enclosed copy of the Letter of Offer for your information and records. We have already emailed soft copy of the Letter of Offer on October 29, 2026. Thanking you, Yours faithfully, For IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) Name: Yogesh Malpani Designation: Vice President Encl: As above IIFL Capital Services Limited (formerly known IIFL Securities Limited) Corporate Identity Number: L99999MH1996PLC132983 | SEBI Merchant Banking Registration Number: INM000010940 24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel, Mumbai – 400013. Tel: +91 22 4646 4600 Fax: +91 22 2493 1073 Regd. Office: IIFL House, Sun lnfotech Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane - 400 604 Tel: (91-22) 3929 4000/ 4103 5000 • Fax: (91-22) 2580 6654• E-mail: info.ib@iiflcap.com; secretarial@iifl.com • Website: www.iiflcap.com; www.iiflcapital.com LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Letter of Offer (as defined below) is being sent to you as a Public Shareholders (as defined below ) of Kronox Lab Sciences Limited. If you require any clarifications about the action to be taken, you may consult your stock broker or investment consultant or the Manager to the Open Offer (as defined below) or Registrar to the Offer (as defined below). In case you have recently sold your Equity Shares (as defined below) in the Target Company, please hand over this Letter of Offer and the accompanying Form of Acceptance-cum-Acknowledgment (as defined below) and transfer deed to the member of the stock exchange through whom the said sale was effected. OPEN OFFER (“OPEN OFFER”/ “OFFER”) BY INDO BORAX AND CHEMICALS LIMITED (“ACQUIRER”) A public listed company incorporated under the Companies Act, 1956 Registered Office Address: 506, Tulsiani Chambers, 5th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India; Corporate Identification Number: L24100MH1980PLC023177 Tel: +91-22-35218591; Email id: info@indoborax.com; Website: www.indoborax.com Zenrock Chemicals Private Limited (“PAC”) A private limited company incorporated under the Companies Act, 2013 Registered Office Address: 506, Tulsiani Chambers, Freepress Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India; Corporate Identification Number: U20110MH2025PTC445086 Tel: +91-22-35218591; E-mail id: info@zenrockchemicals.com; To the Public Shareholder(s) of KRONOX LAB SCIENCES LIMITED (“TARGET COMPANY”) A public listed company incorporated under the Companies Act, 1956 Registered Office Address: Block No. 353, Village - Ekalbara, Padra, Vadodara - 391 440, Gujarat, India Corporate Identification Number: L24117GJ2008PLC055460 Tel: +91 2662 99002; Email id: cs@kronoxlabsciences.com; Website: www.kronoxlabsciences.com TO ACQUIRE UP TO 95,70,000 (NINETY FIVE LAKHS SEVENTY THOUSAND) FULLY PAID-UP EQUITY SHARES (AS DEFINED BELOW) OF FACE VALUE ₹10.00 (INDIAN RUPEES TEN ONLY) EACH, REPRESENTING 25.79%* (TWENTY-FIVE POINT SEVEN NINE PER CENT) OF THE VOTING SHARE CAPITAL (AS DEFINED BELOW) FROM THE PUBLIC SHAREHOLDERS OF THE TARGET COMPANY AT A PRICE OF ₹157.27 (INDIAN RUPEES ONE HUNDRED FIFTY SEVEN POINT TWO SEVEN ONLY) PER OFFER SHARE (AS DEFINED BELOW), PAYABLE IN CASH, PURSUANT TO AND IN ACCORDANCE WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 AS AMENDED (“SEBI (SAST) REGULATIONS”) *As per Regulation 7(1) of the SEBI (SAST) Regulations, the open offer under Regulation 3 and Regulation 4 is required to be made for at least 26.00% (twenty-six point zero zero per cent) of the total share capital of a target company, as of the 10th working day from the closure of the tendering period of the open offer. However, the shareholding of the Public Shareholders is only 95,70,000 (ninety five lakhs seventy thousand) Equity Shares representing 25.79% (twenty five point seven nine per cent) of the Voting Share Capital as of the 10th working day from the closure of the Tendering Period of the Open Offer, and therefore, the Offer Size represents 25.79% (twenty five point seven nine per cent) of the Voting Share Capital. 1. This Open Offer is being made by the Acquirer along with the PAC (as the ‘person acting in concert’ with the Acquirer) pursuant to and in compliance with the provisions of Regulation 3(1), Regulation 4, and other applicable regulations of the SEBI (SAST) Regulations. 2. The Offer Price is ₹157.27 (Indian Rupees one hundred fifty seven point two seven only) per Equity Share, payable in cash. 3. This Open Offer is not a conditional offer in terms of Regulation 19 of the SEBI (SAST) Regulations and is not subject to any minimum level of acceptance. 4. This Open Offer is not a competing offer in terms of Regulation 20 of the SEBI (SAST) Regulations. 5. As on the date of this Letter of Offer (as defined below), there are no statutory or other approval(s) required by the Acquirer and/or the PAC, to acquire the Equity Shares validly tendered by Public Shareholders pursuant to this Open Offer and/ or for the Underlying Transaction (as defined below). In case any statutory or other approvals become applicable and are required by the Acquirer and/or the PAC at a later date before the closure of the Tendering Period (as defined below), this Open Offer shall be subject to receipt of such approval(s). 6. Where any statutory or other approval extends to some but not all the Public Shareholders, the Acquirer shall have the option to make payment to such Public Shareholders in respect of whom no statutory or other approval(s) are required in order to complete this Open Offer. 7. The marketable lot for the Equity Shares for the purpose of this Offer shall be 1 (one) only. 8. The Acquirer and/or the PAC may withdraw the Open Offer in accordance with the Regulation 23(1) of the SEBI (SAST) Regulations. In the event of a withdrawal of the Open Offer, the Acquirer and/or the PAC (through the Manager to the Open Offer) shall, within 2 (two) Working Days (as defined below) of such withdrawal, make a public announcement of such withdrawal, stating the grounds and reasons for the withdrawal, in the same Newspapers (as defined below) in which the Detailed Public Statement (as defined below) was published, in accordance with Regulation 23(2) of the SEBI (SAST) Regulations and such public announcement will also be sent to SEBI (as defined below), the Stock Exchanges (as defined below) and the Target Company at its registered office. 9. The Offer Price (as defined below) may be subject to upward revision, if any, pursuant to the SEBI (SAST) Regulations or at the discretion of the Acquirer and/or the PAC at any time prior to the commencement of the last 1 (one) Working Day before the commencement of the Tendering Period, in accordance with Regulation 18(4) of the SEBI (SAST) Regulations. In the event of such revision, in terms of Regulation 18(5) of the SEBI (SAST) Regulations, the Acquirer shall: (i) make corresponding increase to the Escrow Amoun [Showing first 8,000 characters — download PDF for full document]