Thirumalai Chemicals Limited has informed the Exchange about Copy of Newspaper Publication with respect to Corrigendum to Notice of Extraordinary General Meeting.
TIRUMALCHM · price
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Thirumalai Chemicals has issued a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled for July 14, 2025, originally called to approve a preferential issue of equity shares. The corrigendum, published in Economic Times and Maharashtra Times on July 8, 2025, fixes a typographical error in the original notice by removing a reference to using proceeds for 'inorganic growth opportunities and strategic acquisitions.' It also provides a more precise breakdown of the ₹450.62 crore total issue size: ₹330 crore for investing in TCL Global B.V (eventually into US subsidiary TCL Specialties LLC) to fund capital expenditure, ₹110.62 crore for general corporate purposes (24.55% of proceeds), and ₹10 crore for issue expenses. The issue price has been set at ₹277 per share, with the floor price determined per SEBI ICDR regulations and supported by an independent valuer's report (RV Shreyansh M Jain). An addendum to the original valuation report has also been issued to correct the shareholding pattern as on the relevant date.
This is a procedural correction, not a new proposal — the ₹450+ crore preferential issue and the EGM on July 14 proceed as planned. Shareholders should review the corrigendum before voting, as it clarifies that proceeds will NOT be used for inorganic acquisitions and tightens the use-of-funds disclosure. No immediate material change to the deal economics or shareholder value is implied.