Tirupati Forge Limited has informed the Exchange regarding Board meeting held on August 21, 2025 for Allotment of Equity Shares upon conversion of warrants
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Tirupati Forge Limited's Board, at its meeting on August 21, 2025, approved the allotment of 30 lakh equity shares following the conversion of an equal number of convertible warrants on a preferential basis. The shares were allotted at Rs. 32 each (Rs. 2 face value plus Rs. 30 premium), bringing in approximately Rs. 9.6 crore. These warrants were originally issued on January 16, 2025, as part of a larger pool of 1.176 crore warrants, of which 40 lakh have now been converted and 77.6 lakh remain pending. The 30 lakh shares in this tranche were allotted entirely to non-promoter entity Devansh Trademart LLP, whose stake in the company has risen to 5.03% (60 lakh shares) from 2.52% previously. Promoters have not converted any warrants in this round.
The conversion is mildly dilutive for existing shareholders as 30 lakh new shares enter the market, but it also signals confidence from the warrant holder (Devansh Trademart LLP) who is choosing to convert rather than let the warrants lapse. Shareholders should note the gradual equity dilution as more of the 77.6 lakh pending warrants get converted over time.