Thirumalai Chemicals Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting
TIRUMALCHM · price
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Thirumalai Chemicals has issued a corrigendum to the EGM notice originally dated June 19, 2025, after receiving observations from NSE and BSE on its proposed preferential issue of equity shares. The EGM is scheduled for July 14, 2025, via video conferencing. The corrigendum clarifies the basis of the issue price of ₹277 per share, which is higher than the 90-day VWAP of ₹253.17, the 10-day VWAP of ₹276.37, and the independent valuer's price of ₹270.94. The total preferential issue size is ₹450.62 crores, of which ₹330 crores is earmarked for investment in TCL Global BV (onward into US subsidiary TCL Specialties LLC) for capital expenditure, ₹110.62 crores for general corporate purposes, and ₹10 crores for issue expenses. A previous mention of using proceeds for M&A has been removed as a typographical error. The independent valuer also issued an addendum on July 4, 2025, correcting the shareholding pattern in the original valuation report.
This is a procedural correction to provide shareholders with clearer information before they vote at the EGM on July 14. If approved, the preferential issue of ~₹450.62 crores will result in dilution of more than 5% of the post-issue share capital, with most of the funds directed toward US subsidiary capex rather than domestic M&A activity.