Tirupati Forge Limited has informed the Exchange regarding Outcome of Board Meeting held on April 27, 2026 for allotment of 25,60,000 equity share pursuant to conversion of warrants
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Tirupati Forge Limited's Board approved allotment of 25,60,000 equity shares at Rs.32 per share (face value Rs.2 + premium Rs.30) upon conversion of equal number of convertible warrants. Two allottees exercised their conversion rights: Chetna Mukeshbhai Thumar (22 lakh shares) and Lata Dhiraj Shah (3.6 lakh shares). The conversion price of Rs.32 per share represents a 75% increase over face value. These warrants were part of 1,17,60,000 convertible warrants allotted on January 16, 2025, to 11 allottees. The allottees deposited Rs.6.14 crore as the balance 75% consideration. Post-conversion, promoter holding increases from 14.09% to 15.80%.
This is dilutive to existing shareholders as 25.6 lakh new shares are being issued, increasing the equity base. The conversion at Rs.32 per share indicates promoter conviction in the company's value. Shares will rank pari passu with existing equity.