TCM ltd is one of the oldest companies founded by Nobel Laureate Sir C.V.Raman and Dr. P. Krishnamurti in 1943 as Travancore Chemical Manufacturing Company Ltd. Name was changed to TCM Ltd in the year 1996.
TCM has multiple chemical manufacturing plants. They used to deal with Organic and inorganic chemicals, Fungicides, Herbicides, Barium and Strontium salts, Strontium Nitrite, Sodium Sulfide and various other derivatives. Due to financial constraints and scarcity of raw materials, company stopped production. TCM diversified its operations into Renewable Energy, Education, Healthcare etc. They have created new subsidiaries TCM Properties and TCM Solar.
Company is trying to monetize the land holdings. They have 100+ acres in Tamil Nadu and 21.6 acres in Kochi.
Through EGM, they have obtained approval for monetizing land holdings.
Link: https://www.tcmlimited.in/store/amn/NOTICE%20OF%20EGM%20-%2029th%20July%202022.pdf
Ulundupet Land: Approx 105 acres, this is free from encumbrance and with clear title. They have applied for exception under 37A and this land is free from encumbrance and with clear title.
Kalamasery Land: Total 21.6 acres. They have tied up with Asset Homes for joint development of 12.63 acres. Remaining 9.03 acres is yet to be decided.
Earlier, Godrej had earlier given interest free advance for 20 crores for joint development but this could not be implemented due to BIFR/ AAIFR proceedings.
The company, being now out of these proceedings, is trying to monetize the land.
TCM needs to refund this Godrej interest free amount, which company is currently doing. For raising funds they entered into MoU with Asset Homes who will be giving advance of 25 crores for settling Godrej deposit and other debt.
TCM has 21.6 acres in Kalamasery. Assuming rate of 10 per cent in Kalamaserry, 2160 cents (21.6 acres) land in Kalamaserry value will be Rs 216 crores vs mcap of 35 crores. Going rate near the land is 12-13 lakh per cent.
Mettur Land: 12.45 acres: This is mortgaged till Kalamaserry land is made charge free . As part of obtaining temporary loan from Asset Homes for clearing Godrej advance of Rs 19.67 crores, company has Mortagaged Mettur land with Asset Homes. After clearing Godrej deposit and removing charge from Registrar, this land will be free from mortgage.
Tuticorin land: This 7 acres land in Tamil Nadu is sold for Rs 3 crores.
Link: https://www.bseindia.com/xml-data/corpfiling/AttachHis/8c6da149-6a51-4215-a0f5-aa8d1cadbb0c.pdf
Promoter have hiked holding to 49.5% in Sep 2023 from 36.8% in March 2022.
Porinju’s family had previously exposure to this share. Porinju Veliyath buys stake in LIC-owned stock. Share hits upper circuit | Mint
Asset Homes MoU : BSEINDIA
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