Manali Petro sells Notedome to Italy’s COIM for Rs 247 cr
Notedome accounts for over 10 per cent of the Rs 9.21 crore consolidated revenue of Manali Petrochemicals Ltd (MPL) in 2024-25 and 5.57 per cent of its Rs 10.95 crore networth.
CHENNAI/NEW DELHI: Manali Petrochemicals Limited on Thursday announced divestment of its step-down UK subsidiary, Notedome Ltd, to Italian chemical specialities firm Chimica Organica Industriale Milanese (COIM).
The divestment is part of the Chennai-based Manali Petrochemicals’ strategic portfolio restructuring. As part of the agreement, Manali Petrochemicals will continue to market its cast elastomers in India under a new trademark, as per a release.
The consideration would be “at least 8.5 times the adjusted EBITDA of 2.12 million pounds (Rs 247 cr), as determined jointly by both parties,” as per an exchange filing.
“The sale will be on a cash-free and debt-free basis with customary adjustments along other agreed factors,” it said.
Notedome accounts for over 10 per cent of the Rs 9.21 crore consolidated revenue of Manali Petrochemicals Ltd (MPL) in 2024-25 and 5.57 per cent of its Rs 10.95 crore networth.
The board of the firm in its meeting on Thursday “approved AMCHEM, SG’s (an overseas wholly-owned material subsidiary) proposal to sell its entire stake in Notedome Ltd, UK (a wholly-owned material step-down subsidiary of MPL), to a third party viz., COIM SpA, subject to shareholder approval,” the firm said. Seller and buyer will enter into a binding agreement/Share Purchase Agreement in due course, it said, adding the buyer will acquire the business for at least 8.5 times the adjusted EBITDA of 2.12 million pounds.
“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, it said.
