Thirumalai Chemicals Limited has successfully completed its preferential share issue, allotting 18,96,614 equity shares at ₹296 per share to promoter group entities. The Fund Raising Committee of the Board approved the allotment on December 23, 2025, raising a total of ₹56.14 crore as previously planned.

Share Allotment Details

The company has completed the allotment process following overwhelming shareholder approval received earlier through postal ballot. The allotment details are summarized below:

Shareholder Approval Background

The preferential share issue had received exceptional shareholder support through postal ballot:

Major Allottees

The shares have been allocated among various promoter group entities, with the largest allocations going to:

Impact on Share Capital

The allotment has resulted in an increase in the company's issued, subscribed, and paid-up share capital. The newly allotted equity shares rank pari-passu in all respects with the existing equity shares of the company.

Financial Position Context

This capital raise comes at a time when TCL's balance sheet shows robust growth:

The successful completion of this preferential issue strengthens the company's capital base and demonstrates strong promoter confidence in the company's growth prospects. The additional funds are expected to support the company's strategic initiatives and expansion plans.

Thirumalai Chemicals Limited has announced that its wholly-owned subsidiary, TCL Specialties LLC, has commenced pre-commissioning and startup activities at its new manufacturing facility in West Virginia, USA. The company expects to start up part of the Maleic Anhydride unit by the end of 2025, with progressive startup and stabilization of remaining units during the first half of 2026.

Facility Specifications and Production Timeline

The West Virginia facility houses two major integrated plants producing specialty chemicals and food ingredients:

Leadership Appointment

TCL Specialties LLC has appointed Vinod Tiwari as Chief Executive Officer and inducted him into the Board of Directors. Tiwari brings over 40 years of experience across petrochemical, fine chemicals, fertilizer, and pulp industries, with leadership roles spanning North America, India, and Southeast Asia. His professional background includes tenure with global chemical firms such as Perstorp, Aditya Birla Group, DuPont, Jubilant, and Petronas.

Market Positioning and Applications

Maleic Anhydride Applications

The Maleic Anhydride plant will serve customers in the North-Eastern and Mid-West US markets, which are currently underserved. Key applications include:

• High strength-low weight composites for housing, automotive, transport, recreational, infrastructure, and energy sectors
• Water treatment materials, coatings, additives, and lubricants
• High performance polymers and specialty functional products
• Biodegradable polymers for daily use applications

Food Ingredients Market

The food ingredients plant will produce essential ingredients used in snack foods, candies, beverages, preserves, and food processing applications. Currently, only 25% of these essential food ingredients are produced domestically in the United States, with the remainder being imported.

Technology and Investment Details

The plants feature high levels of automation, energy cost efficiency, and safety systems. All products and intermediates are readily and fully biodegradable. The facility's location in the heart of the Marcellus-Utica shale region provides significant advantages for n-Butane feedstock supply.

Strategic Outlook

TCL Specialties LLC will initially cater to customers in North America, with expansion plans for LATAM and EU markets. The parent company, Thirumalai Chemicals Limited, leverages over 40 years of manufacturing and marketing experience in these products, serving customers across Europe, Asia, and North America. The current US environment strongly encouraging domestic manufacturing provides additional support for this investment initiative.