Thirumalai Chemicals Limited has informed the Exchange about Shareholders meeting
TIRUMALCHM · price
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Thirumalai Chemicals has called an Extraordinary General Meeting on Monday, July 14, 2025, at 2:30 PM via video conferencing, to seek shareholder approval for three special businesses. The key item is a preferential equity issue of up to 1,62,68,040 shares at ₹277 per share (₹276 premium), raising up to ₹450.63 crore from 21 non-promoter investors including Motilal Oswal Small Cap Fund (₹85 cr), Motilal Oswal Multi Cap Fund (₹77.5 cr), 360 One Equity Opportunity Fund, Bandhan funds, and several HNIs and corporates. The second item seeks approval to pledge shares of its wholly owned subsidiary TCL Intermediates Private Limited as collateral for ₹100 crore of non-convertible debentures already issued. The third item proposes an amendment to the Articles of Association to insert Article 73A allowing unrestricted transfer of company-issued debentures under financing arrangements.
The ₹450.63 crore preferential issue at ₹277/share will dilute existing shareholders and is a key shareholder vote. Approval of the subsidiary share pledge confirms existing NCD debt of ₹100 crores is being secured, while the AOA amendment provides flexibility for future debenture issuances.