Himadri Speciality Chemical announced that its subsidiary, Trancemarine and Confreight Logistics (Trancemarine) has entered into an agreement for divestment of its stake in its subsidiary i.e. Sturdy Niketan (Sturdy), by selling 34% of its stake in the form of equity shares of Sturdy.

After this sale, Sturdy continues to be a subsidiary of Trancemarine and step down subsidiary of the Himadri Speciality Chemical with 65% holding of Trancemarine in Sturdy. Neither Trancemarine nor Sturdy is a material subsidiary of the Company, hence, the transaction does not result in sale or disposal of shareholding or assets of material subsidiary.