Himadri approves demerger of DBRL’s Tyre Business
As filed · Himadri Speciality Chemical Limited has informed the Exchange regarding Outcome of Board Meeting held on September 21, 2026 approving Scheme of Arrangement between Dalmia Bharat Refractories Limited (
What happened
FactHimadri Speciality Chemical approved a scheme to acquire Dalmia Bharat Refractories’ Tyre Business as a going concern through a demerger. Himadri will issue new shares to eligible Dalmia Bharat Refractories shareholders under a share-entitlement ratio that is not disclosed in this filing; the scheme remains subject to regulatory, tribunal, shareholder and creditor approvals.
Why it matters
CapitSignal interpretationA merger fixes a share-exchange ratio, which permanently sets how much of the combined company existing holders own.
What management said before
Prior statements by this company that CapitSignal has recorded changing.
Capex
WithdrawnSupported by a proposed capex of approximately Rs. 170 Crores, the project is targeted for commissioning in Q4FY28.
The feedback has been very encouraging and that is the reason we are going ahead with the CAPEX program.
Change
FactImplication
CapitSignal interpretationWatch next
Fact- Swap ratio and its valuation basis
- Regulatory and NCLT approvals required
- Appointed date
- In speciality carbon black, the brownfield expansion project is progressing well, set to more than double our (management committed by Q3 FY26)
- We have earlier guided that our ambition was to double our PAT from FY24, which was Rs. 411 crores by FY27. (management committed by FY27)
Evidence
- Himadri Speciality Chemical Limited has informed the Exchange regarding Outcome of Board Meeting held on September 21, 2026 approving Scheme of Arrangement between Dalmia Bharat Refractories Limited ( Demerged Company ) and Himadri Speciality Chemical Ltd ( Resulting Company ) and their respective shareholders and creditors under Section 230-232 and other applicable provisions of the Companies Act, 2013(opens the original filing in a new tab)
- Earlier statement · Q1 FY26
- Latest statement · Q2 FY26
How CapitSignal classified this
- Reasoning:
- The transaction would bring DBRL’s Tyre Business, including related assets, liabilities, contracts, employees, brands and approvals, into Himadri. It may also dilute Himadri shareholders because new Himadri shares are proposed to be issued to DBRL shareholders, although the exchange ratio is not provided.
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 75%