Update on Acquisition of Convertible Warrants of Tilaknagar Industries Limited through allotment under the Preferential Issue.
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Saraswati Commercial (India) Ltd, an NBFC, has been allotted 7,00,000 convertible warrants of Tilaknagar Industries Limited at Rs. 382 per warrant, taking its total investment commitment to Rs. 26.74 crore. The company has paid 25% upfront (Rs. 6.685 crore), with the remaining 75% due when warrants are converted into equity shares within 18 months. Post-conversion, Saraswati will hold 0.28% of Tilaknagar's diluted share capital. Tilaknagar Industries is a listed liquor manufacturer (IMFL) with FY25 turnover of Rs. 3,174.61 crore, up from Rs. 2,958.26 crore in FY24. Saraswati has stated the investment is a financial investment, not a related party transaction, and was made in cash. The warrant allotment was completed on September 29, 2025.
This is a small, strategic financial investment by Saraswati in a growing liquor company — unlikely to materially move Saraswati's stock price, but signals continued investment activity by the NBFC in listed equities. Investors of Tilaknagar should note minor dilution risk when warrants convert, though the 0.28% stake is negligible.