Thirumalai Chemicals Limited has informed the Exchange regarding Notice of Postal Ballot
TIRUMALCHM · price
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Thirumalai Chemicals Limited is seeking shareholder approval via postal ballot for a special resolution to allow its subsidiaries to pledge equity shares and create security over assets. The resolution aims to secure loan facilities of up to USD 140 million for TCL Specialties LLC, a double step-down subsidiary based in the USA. The loan will finance the remaining capital expenditure for an integrated greenfield manufacturing facility in West Virginia, USA that produces Maleic Anhydride and Food Ingredients. TCL Global BV (Netherlands) will pledge 100% of its holdings in TCL Inc. USA, while TCL Inc. USA will pledge 100% of its holdings in TCL Specialties LLC. Additionally, TCL Specialties LLC will create a mortgage or hypothecation over its assets as collateral. The e-voting period runs from May 14, 2026 to June 12, 2026.
This approval enables the company to expand its US manufacturing operations with local feedstock advantages. However, shareholders should note that pledging subsidiary shares creates potential contingent liabilities and loss of control risk if loans are defaulted. The expansion supports growth in European and US markets but adds financial leverage to the group structure.