Allotment of Equity Shares upon conversion of Warrants of Tilaknagar Industries Limited.
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Saraswati Commercial (India) Limited, an NBFC, has completed the conversion of 7,00,000 convertible warrants into equity shares of Tilaknagar Industries Limited, a listed liquor (IMFL) manufacturer. The company paid the final 75% of the consideration (Rs. 20.05 crore) on 31st October 2025, bringing the total acquisition cost to Rs. 26.74 crore at Rs. 382 per share. Post-conversion, Saraswati Commercial holds approximately 0.27% of Tilaknagar Industries' diluted share capital. Tilaknagar Industries reported a turnover of Rs. 3,174.61 crore in FY25, up from Rs. 2,958.26 crore in FY24. The acquisition is not a related party transaction and has been made in the ordinary course of business as a financial investment.
This is a portfolio investment by Saraswati Commercial in Tilaknagar Industries — a relatively small 0.27% stake with no operational control. The acquisition is already completed and funded, so there is no further pending action. For Saraswati Commercial shareholders, this represents deployment of capital into a growing liquor company, while Tilaknagar Industries shareholders see a minor dilution but also gain a financial investor on the cap table.