Tirupati Forge Limited has informed the Exchange regarding Board meeting held on January 06, 2026 for allotment of Equity Shares upon conversion of warrants
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Tirupati Forge's board, at its meeting on January 6, 2026, approved the allotment of 12,50,000 equity shares to promoter Chetna Mukeshbhai Thumar upon conversion of an equal number of convertible warrants. Each share has a face value of Rs.2 and was issued at Rs.32 per share (including a premium of Rs.30), with Rs.3 crore received as the balance 75% consideration. This is part of the 1,17,60,000 warrants originally issued on January 16, 2025; 60,00,000 warrants had already been converted earlier by three other allottees. After this conversion, the promoter's stake rises from 13.36% (1,65,97,800 shares) to 14.22% (1,78,47,800 shares). 45,10,000 warrants are still pending conversion by other allottees.
This is a promoter-led warrant conversion that results in equity dilution but signals promoter confidence and capital infusion of around Rs.4 crore from this tranche. Existing shareholders may see a slight dilution due to the new shares being issued at a premium, though the promoter's increased holding is generally viewed positively.