Tirupati Forge Limited has informed the Exchange regarding 'Disclosure for Allotment of 2560000 equity share pursuant to conversion of 25,60,000 Convertible Warrants'.
TIRUPATIFL · price
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Tirupati Forge's Board has approved the allotment of 25,60,000 equity shares (face value Rs.2 each) at Rs.32 per share (including Rs.30 premium) to 2 allottees upon exercise of convertible warrants. Chetna Mukeshbhai Thumar (Promoter) is converting 22,00,000 warrants, increasing her stake from 14.09% to 15.52%. Lata Dhiraj Shah (Non-Promoter) is converting 3,60,000 warrants, acquiring a 0.28% stake. This is part of an earlier January 2025 preferential issue where 1,17,60,000 warrants were allotted at Rs.32 each to 11 allottees. Total consideration received is Rs.6,14,40,000 (75% of the warrant price). New shares will rank pari passu with existing equity.
This is a warrant conversion event that will dilute the equity base by approximately 2.56 million shares. The promoter stake will increase, indicating continued promoter confidence in the company. Shareholders should note additional supply pressure from these newly listed shares.