Meeting of Fund Raising Committee of the Board of Directors is scheduled on 29th May, 2025 to consider and approve fund raising.
TIRUMALCHM · price
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Thirumalai Chemicals has informed the stock exchanges that its Fund Raising Committee will meet on May 29, 2025 to consider and approve the issuance of senior, secured, unlisted, non-convertible debentures (NCDs) aggregating to Rs. 100 Crores. The NCDs will be issued in three series and in one or more tranches to certain identified investors on a private placement basis. Shareholder approval for the borrowing limits was already obtained via a postal ballot conducted between February 25 and March 26, 2025. The original authorisation for this fundraising was granted by the Board on January 28, 2025. No details on coupon rate, tenure, or end-use of funds have been disclosed yet.
This is debt raised through private placement to specific investors, so existing shareholders won't face dilution. However, it will add Rs. 100 Crores of secured debt to the company's books, which could pressure debt servicing and is worth monitoring once coupon rate and purpose are disclosed on May 29.