The Board of Chembond Chemicals (CCL) at its meeting held on 12 December 2023 has approved a composite scheme of arrangement providing for (i) the demerger of the construction chemicals and water technologies businesses into Chembond Chemical Specialties (CCSL) on a going concern basis; (ii) the amalgamation of Chembond Clean Water Technologies into CCSL; and (iii) the amalgamation of Chembond Material Technologies, Phiroze Sethna, and Gramos Chemicals (India) into CCL.
Additionally, upon effectiveness of the composite scheme of arrangement, the corporate name of CCL shall be changed to Chembond Material Technologies, and the corporate name of CCSL to Chembond Chemicals. These actions once effective upon approval by shareholders, creditors, and regulators, will result in two listed entities aligned along business lines.