Corrigendum of the Notice of the 33rd Annual General meeting of the company
Awaiting price reaction for this filing.
Tiaan Consumer Ltd has issued a corrigendum to the notice of its 33rd AGM, scheduled for August 20, 2025 at 1:00 PM via video conferencing. The agenda includes adopting FY25 audited financials, appointing M/s V R S K & Associates as statutory auditor for 5 years, regularising 4 directors (including an Executive Director and two Independent Directors), appointing a secretarial auditor for FY26, approving amendments to loan agreements to allow conversion of unsecured loans into equity, increasing authorised share capital from ₹13.20 crore to ₹10,000 crore, and issuing up to 149 crore equity shares at ₹10 each on a preferential basis to 5 non-promoter entities against ₹1,490 crore of unsecured loan conversion. The company explicitly cited a 'financial crunch and cash flow mismatch' as the reason for the loan-to-equity conversion. Post-issue, the 5 allottees will together hold 99.33% of the company, while promoter holding drops to near zero.
This is a highly dilutive preferential issue that effectively transfers majority ownership to 5 non-promoter lenders via debt conversion. Existing public shareholders face extreme dilution (their combined 99.98% stake will shrink to about 0.67% post-issue). The acknowledged financial distress and the sheer scale of the share capital increase (from ₹13.20 crore to ₹10,000 crore) signal serious solvency stress and a near-complete change of control.