Thirumalai Chemicals has approved the sale of up to 14,60,000 equity shares in Ultramarine & Pigments Limited, representing a 5% stake in the target company. The Fund Raising Committee authorized the move during its meeting on August 30, 2026.

The transaction is expected to be completed within seven working days through modes permitted under SEBI regulations. Thirumalai Chemicals currently holds 41,98,837 equity shares in Ultramarine & Pigments, constituting 14.38% of the total capital.

Transaction Details

The sale involves a significant portion of the promoter's holding. Below are the key parameters of the proposed divestment:

The closing price of Ultramarine & Pigments on the BSE as of August 28, 2026, was ₹410.70. The company confirmed that the transaction does not fall under related party transactions.

What the Numbers Show

The proposed sale reduces Thirumalai Chemicals' holding in Ultramarine & Pigments from 14.38% to approximately 9.38%. This represents a reduction of roughly one-third of its current stake, signaling a strategic partial exit while retaining a significant minority interest in the listed entity.

Thirumalai Chemicals announced that Walker Chandiok & Co LLP has resigned as the statutory auditor of its material subsidiary, TCL Intermediates Private Limited, effective August 28, 2026.

The resignation aims to realign the subsidiary’s audit function with that of the holding company. This structural change follows the conclusion of Walker Chandiok & Co LLP’s tenure as the statutory auditor for Thirumalai Chemicals Limited at the 53rd Annual General Meeting held on August 7, 2026, pursuant to mandatory auditor rotation requirements.

Audit Transition Details

The firm was originally appointed as the statutory auditor of TCL Intermediates Private Limited at the first Annual General Meeting on September 16, 2022. The appointment covered a five-year term scheduled to expire after the conclusion of the sixth Annual General Meeting in 2027.

Walker Chandiok & Co LLP confirmed that no deliverables are expected from the firm for the quarter ended September 30, 2026. The last audit report submitted by the firm was dated May 28, 2026, covering the financial statements for the fiscal year ended March 31, 2026.

Regulatory Compliance

Thirumalai Chemicals disclosed the change under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also references Chapter V of SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The company stated there were no concerns or management-imposed limitations that influenced the resignation. The move is strictly administrative to ensure uniformity in the group’s audit processes.