Tirupati Forge Limited has informed the Exchange regarding Board meeting held on May 20, 2025 for Allotment of Equity Shares upon conversion of warrants
TIRUPATIFL · price
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Tirupati Forge Limited's Board, at its meeting on May 20, 2025, approved the allotment of 10,00,000 (Ten Lakh) equity shares upon conversion of 10,00,000 convertible warrants held by the Promoter, Hiteshkumar Gordhanbhai Thummar (Managing Director). The shares were allotted at Rs.32 each (face value Rs.2 plus a premium of Rs.30) on a preferential basis under SEBI ICDR Regulations. This is part of a larger issue of 1,17,60,000 convertible warrants originally allotted on January 16, 2025; 1,07,60,000 warrants remain pending conversion. The promoter's stake rises from 9.36% (1,10,71,565 shares) to 10.12% (1,20,71,565 shares). The Board also reconstituted the Audit, Nomination & Remuneration, Stakeholders Relationship, CSR, and Sexual Harassment Complaints Redressal committees.
Minor dilution for existing public shareholders as the promoter increases his stake, which is generally seen as a positive signal of insider confidence. Shareholders should note that 1,07,60,000 warrants are still pending conversion, meaning further dilution could occur over time as these are exercised.