Himadri Speciality Chemical Board Approves Demerger of DBRL's Tyre Business
Himadri Speciality Chemical's Board approved a scheme to demerge Dalmia Bharat Refractories' Tyre Business into HSCL. The tyre business had a turnover of ₹149.31 crore in FY26. HSCL will issue 1 new share for every 260 DBRL shares. The appointed date is October 1, 2026.
The demerger is a significant corporate restructuring that involves the transfer of a business undertaking and will impact the shareholding patterns and strategic direction of both companies.
The demerger is expected to strengthen strategic integration, leverage capabilities, create synergies, and provide greater flexibility, leading to long-term growth and value creation for stakeholders.
Himadri Speciality Chemical Ltd (HSCL) announced today, September 21, 2026, that its Board of Directors has approved a Scheme of Arrangement for the demerger of the Tyre Business of Dalmia Bharat Refractories Limited (DBRL) into HSCL. The demerged undertaking, which includes assets, liabilities, contracts, employees, brands, and properties related to DBRL's tyre business, will be transferred to HSCL on a going concern basis.
The Appointed Date for the demerger is set as October 1, 2026, or another date approved by the NCLT. The turnover of the demerged tyre business for the financial year ended March 31, 2026, was ₹149.31 crore, representing 3.39% of HSCL's total turnover for the same period.
The rationale behind the demerger includes strengthening HSCL's strategic forward-integration with its existing carbon black and advanced carbon materials business, leveraging established capabilities for product development, realizing operational and commercial synergies, accelerating the development and scaling-up of the tyre business, and providing greater strategic and financial flexibility for long-term growth and value creation.
Upon the effectiveness of the scheme, HSCL will issue new shares to eligible shareholders of DBRL in a ratio of 1 new HSCL share for every 260 shares held in DBRL. This ratio is based on valuation reports and has received a fairness opinion from Jajodia Equity Advisors Services Limited. The equity shares of HSCL are already listed on BSE and NSE, and the newly issued shares will also be listed subject to regulatory approvals.
The scheme is subject to requisite approvals from statutory and regulatory authorities, including stock exchanges, SEBI, NCLT, and the shareholders and creditors of both companies.
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Himadri Speciality Chemical Limited filed this with the NSE as a statutory disclosure, categorised under demerger. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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