CHENNAI: Manali Petrochemicals (MPL) board on Wednesday, approved the sale of its entire stake in Notedome Ltd, UK, a wholly-owned material step-down subsidiary, to COIM SpA – Chimica Organica Industriale Milanese, a globally recognised leader in chemical specialties, operating in over 90 countries. “Seller and Buyer will enter into a binding agreement/Share Purchase Agreement in due course, wherein the Buyer will acquire the business for at least 8.5 times the adjusted EBITDA of 2.12 million pounds, as determined jointly by both parties. The sale will be on a cash-free and debt-free basis,” MPL said in a filing.
On successful completion of the transaction, Notedome Limited, UK along with its subsidiary will cease to be a wholly-owned subsidiary of AMCHEM SG and a wholly-owned step-down subsidiary of MPL.
In accordance with regulatory requirements, MPL will seek shareholders’ approval through a postal ballot in due course.
The sale will be executed through a Share Purchase Agreement (SPA). The completion is tentatively scheduled for end of November 2025, which shall be intimated separately.