TIL Limited has submitted the Exchange a copy Srutinizers report and voting result of Extraordinary General Meeting held on April 24, 2025
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TIL Limited held an Extraordinary General Meeting on April 24, 2025, where shareholders approved both resolutions with overwhelming majority. The first resolution (ordinary) increased the company's authorized share capital from Rs. 80 crore (8 crore equity shares of Rs. 10 each) to Rs. 100 crore (10 crore equity shares of Rs. 10 each), passing with 99.99% votes in favor. The second resolution (special) approved raising Rs. 60 crore through issuance of 37.5 lakh convertible warrants at Rs. 160 per warrant on a preferential basis to Indocrest Defense Solutions Private Limited, a promoter group entity, passing with 99.87% votes in favor. The warrant holder must pay 25% (Rs. 40) upfront, with the remaining Rs. 120 payable upon conversion into equity shares. Promoters did not vote on the preferential issue resolution as they are an interested party.
The authorized capital increase provides flexibility for the planned Rs. 60 crore fundraise from the promoter group, which will strengthen the company's balance sheet without dilution to public shareholders. Since the warrants are being issued to the existing promoter (Indocrest Defense Solutions), the promoter's stake in TIL will increase once these warrants are converted, while public shareholding will face some dilution.