Thirumalai Chemicals Limited has submitted the Exchange a copy of Scrutinizers report of Extraordinary General Meeting held on July 14, 2025. Further, the company has informed the Exchange regarding voting results.
TIRUMALCHM · price
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Thirumalai Chemicals held an Extraordinary General Meeting on July 14, 2025, where shareholders approved all three special resolutions with overwhelming support (over 99% in favour). The most significant resolution allows the company to raise up to ₹450.63 crores through a preferential issue of 1,62,68,040 equity shares at ₹277 each (including a ₹276 premium) to 21 non-promoter investors, including Motilal Oswal Small Cap Fund (₹85 cr), Motilal Oswal Multi Cap Fund (₹77.5 cr), Sandhya Nilesh Shah (₹55 cr), and Motilal Oswal Business Cycle Fund (₹37.5 cr). The second resolution permits pledging shares of its material subsidiary, TCL Intermediates Private Limited, as collateral to secure ₹100 crore of non-convertible debentures already issued and future secured borrowings. The third resolution amends the Articles of Association to allow free transfer of company-issued debentures under financing arrangements.
Shareholders should expect meaningful equity dilution from the ₹450+ crore preferential issue, which will increase the share count by roughly 1.62 crore shares. The capital raise strengthens the company's balance sheet, but existing shareholders' ownership percentage will reduce once shares are allotted within 15 days. The subsidiary share pledge is tied to existing NCD obligations, not new debt, indicating the company is securing previously raised borrowings.