The offer was triggered after Frontier Warehousing entered into a share purchase agreement with Kesoram's promoter-group entities to acquire 13,29,69,279 equity shares at Rs 4 per share. This block represents 42.8% of Kesoram's voting share capital.

Earlier this year, UltraTech Cement announced a 1:52 share swap ratio for its acquisition of Kesoram Industries, issuing one UltraTech share for every 52 held by Kesoram shareholders. The scheme took effect on 1 March 2025, formalising the transfer of Kesoram’s cement business to UltraTech under a composite arrangement dated 1 April 2024.

Post demerger, Kesoram ceased standalone manufacturing operations and now focuses on its remaining businesses, including rayon, transparent paper and chemicals, housed under its wholly owned subsidiary Cygnet Industries.

Kesoram Rayon manufactures rayon, transparent paper and filament yarn. On a consolidated basis, Kesoram Industries reported net loss of Rs 25.87 crore in Q2 September 2025 as against net loss of Rs 69.92 crore in Q2 September 2024. Net sales declined 6.03% YoY to Rs 55.17 crore in Q2 September 2025.