Himadri Speciality Chemical converts debt, eyes Birla Tyres control

Himadri Speciality Chemical (BSE: 500184) announced today it will convert 3,000,000 secured optionally convertible debentures (OCDs) into equity shares of Birla Tyres Limited, a move that will give it 99.97% ownership of the paid-up equity. Following this conversion, Himadri plans to acquire an additional 9,999 existing equity shares of Birla Tyres from Dalmia Bharat Refractories Limited for a consideration not exceeding INR 1,000,000, paid in cash. Concurrently, Himadri will finalize a share purchase agreement with Birla Tyres and its existing shareholders to acquire these additional shares post-conversion of OCDs. Once completed, Birla Tyres will become a wholly-owned subsidiary of Himadri Speciality Chemical.