Thirumalai Chemicals Limited — Others, 21-06-2025: Shareholders meeting

Thirumalai Chemicals Limited has announced a board meeting to approve a preferential issue of up to 1.63 Cr equity shares at ₹277 each, raising ₹451 Cr from 21 non-promoter investors including mutual funds, alternative investment funds, corporates, LLPs, and individuals. The net proceeds of around ₹441 Cr will primarily fund inorganic growth, strategic acquisitions, and investments in its US subsidiary, with some allocated to general corporate purposes. Shares allotted will be fully paid, listed on BSE and NSE, and subject to applicable lock-in. Additionally, the company seeks shareholder approval to create a pledge on 99.99% shares of its material subsidiary, TCL Intermediates Pvt Ltd, as collateral against existing and future secured borrowings worth ₹100 Cr. The Articles of Association will be amended to allow free transferability of the company’s unlisted, secured, redeemable non-convertible debentures, improving their liquidity. None of the promoters or directors intend to participate in the preferential issue, and no change in control is expected.