Outcome of the Rights Issue Committee Meeting - Withdrawal of Rights Issue
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Tirupati Innovar Limited has withdrawn its proposed rights issue after failing to receive Basis of Allotment approval from BSE within the required timeline. The issue involved issuing 4.64 crore equity shares at ₹10 each to raise ₹46.44 crore, with a ratio of 19 rights shares for every 10 shares held. The issue was open from May 7-15, 2026. Due to the delay, the company could not credit allotted shares to shareholders' demat accounts, resulting in blocked investor funds and multiple investor complaints. The company will now instruct banks to unblock the amounts and is coordinating with its registrar Skyline Financial Services for the refund process.
Negative for investors who participated in the rights issue as their funds remain blocked until refunds are processed. The withdrawal creates uncertainty about the company's fundraising plans and may signal operational or regulatory challenges.