Chennai-based polyurethane raw materials supplier, Manali Petrochemicals, stated it has obtained board approval of the divestment of its step-down subsidiary, Notedome Ltd, UK.
In an change filing, the corporation stated the board has given the green light for its overseas absolutely-owned material subsidiary, Amchem SG, to sell its whole stake in Notedome to C.O.I.M. S.P.A (Chimica Organica Industriale Milanese), an Italian polyurethane expert. The stakeholders will enter right into a binding share purchase agreement in due course, the filing stated. The trans action is subject to the approval of the corporation’s shareholders, with a purpose to be sought via a postal ballot in accordance with regulatory requirements.
The acquisition will see C.O.I.M. S.P.A. Purchase the business for a consideration of at least 8.5 times the adjusted EBITDA of £2.12-mn, a value decided jointly by both parties. The sale could be conducted on a cash free and debt-free basis, with customary adjustments as per the agreement. Upon the successful finishing touch of the transaction, that’s uncertainly anticipated by the end of November 2025, Notedome, along with its subsidiary, will cease to be an entirely-owned step-down subsidiary of Manali Petrochemicals.
For the financial year 2024-25, Notedome contributed about 10.63% of the consolidated income and 5.57% of the consolidated net worth of Manali Petrochemicals.
