in this Connection due to non-Receipts of minimum Subscription under regulation 86(2) of the SEBI(ICDR) regulation, 2018 We would like to inform that the right issue Committee of the Board ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Tirupati Tyres Limited's Rights Issue Committee met on May 26, 2025 and decided to withdraw its proposed rights issue because the company did not receive the minimum subscription required under SEBI ICDR Regulation 86(2). The issue, launched via letter of offer dated April 16, 2025, offered 4,88,87,000 equity shares of ₹10 each at a price of ₹10 per share, aggregating up to about ₹48.89 crore, in a 2:1 ratio (2 rights shares for every 1 held). The subscription window ran from April 25 to May 23, 2025. The company is now coordinating with its registrar and banks to unblock any amounts still blocked from shareholders who applied.
Negative for the company and shareholders — the planned ~₹48.89 crore fundraise has failed, weakening the company's capital-raising plans and signalling poor investor appetite. Shareholders who subscribed will get their money refunded and unblocked from bank accounts.