In terms of Regulation 30 of SEBI (LODR) - this is to inform that the company has entered into a loan agreement with Thirumalai Chemicals Limited, a related party.
ULTRAMAR · price
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Ultramarine & Pigments has signed a loan agreement to lend Rs. 65 Crores to Thirumalai Chemicals Ltd (TCL), which is part of the promoter group. The loan is unsecured, carries an interest rate of 10% per year compounded quarterly (payable at the end of the 3-year tenure), and was executed on April 30, 2026. The two companies already have cross-holdings — Ultramarine owns 18.23% in TCL, and TCL owns 14.38% in Ultramarine. As part of the deal, Ultramarine has secured special rights including the right to appoint directors, first right on share subscriptions, and the power to restrict changes in TCL's capital structure. The company has confirmed the transaction is done at arm's length basis.
This is a related-party inter-corporate loan where Ultramarine will earn 10% interest on Rs. 65 Crores, which is mildly positive for treasury returns but locks up funds with a promoter-group entity. The special governance rights strengthen Ultramarine's influence over TCL. Shareholders should watch for shareholder approval requirements given the related-party nature.