Shares of Himadri Specialty Chemical rallied on 23 August to hit a 52-week high of Rs 190.95 after the company’s resolution plan in collaboration with Dalmia Bharat Refractories for Birla Tyres was given the go-ahead by the committee of creditors (CoC).

The resolution plan, which was a collaborative effort between Himadri Specialty Chemical and Dalmia Bharat Refractories, has received a letter of Intent from the RP (resolution Professional) that states that the committee of creditors of the corporate debtors has approved their plan.

Both companies have accepted the Letter of Intent and will now submit the resolution plan to the National Company Law Tribunal’s Kolkata Bench for its approval.

Himadri Specialty Chemical manufactures chemicals and carbon materials. The company has the largest market share in coal tar pitch and the third-largest market share in carbon black. The company is also the largest player in Naphthalene and SNF in India.

At 3:30 pm, the shares of Himadri Specialty Chemical closed at Rs 187.90 or 3.07% above its previous close of Rs 182.30 on NSE.