Notice of EGM to be held on June 26, 2025 at 11:00 AM through VC/OAVM
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Taylormade Renewables has called an Extraordinary General Meeting on June 26, 2025 (via video conferencing) to seek shareholder approval for issuing up to 5,00,000 fully convertible warrants to two non-promoter allottees — Sunil Behal (2,50,000 warrants) and Nisha Behl (2,50,000 warrants) — at Rs. 272 per warrant, aggregating to Rs. 13.60 Crores. Each warrant is convertible into one equity share of Rs. 10 face value (with Rs. 262 premium) within 18 months of allotment. The floor price was determined at Rs. 271.89 based on the 10-day VWAP on BSE with May 27, 2025 as the relevant date. Proceeds are earmarked for Tarapur plant operations (Rs. 9 Cr), preliminary expenses for Dahej and Sayakha projects (Rs. 1 Cr), and working capital (Rs. 3.6 Cr). Only 25% of the warrant price is payable upfront with the balance due on conversion.
If all warrants are converted, existing shareholders will face equity dilution of 5,00,000 new shares, though the capital raised is intended to expand manufacturing capacity and fund new projects which could support future growth. The issue price represents a notable premium over face value (Rs. 10), suggesting strong pricing power, but warrants do not carry voting rights until converted.