Tirupati Forge Limited has informed regarding Disclosure of material issue
TIRUPATIFL · price
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Tirupati Forge's board, at its meeting on May 20, 2025, approved the allotment of 10,00,000 equity shares to the Promoter (Managing Director Hiteshkumar Gordhanbhai Thummar) on conversion of an equal number of convertible warrants at Rs.32 per share (Rs.2 face value + Rs.30 premium), aggregating to about Rs.3.2 crore. These warrants were originally part of a larger 1,17,60,000 warrants issued on January 16, 2025, and 1,07,60,000 warrants still remain pending for conversion. Post-allotment, the Promoter's shareholding rises from 9.36% to 10.12%. The board also reconstituted the Audit, Nomination & Remuneration, Stakeholders' Relationship, and CSR committees.
This is a promoter-driven warrant conversion that slightly increases promoter equity stake and adds equity capital to the company, though the share dilution is minor given the promoter's prior holding. The remaining 1.07 crore warrants still pending conversion could lead to further dilution in the future.