Jet Freight Logistics Limited has appointed Pushpendra Babuprasad Tiwari as Deputy General Manager - Courier Operations and Sales. He has been designated as a Senior Management Personnel of the company, effective October 5, 2026.

The appointment was approved by the Board of Directors based on the recommendation of the Nomination & Remuneration Committee. This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Professional background and expertise

Tiwari brings over 20 years of experience in logistics, supply chain, and business development. His career spans e-commerce express courier businesses, multi-modal air freight, and comprehensive sea freight operations including LCL/FCL and door-to-door services.

His expertise covers strategic sales leadership, revenue growth, pricing, overseas agent networks, and third-party logistics operations. He holds a Bachelor of Commerce from Mumbai University and is proficient in English, Hindi, Marathi, and Gujarati.

Previous roles

Before joining Jet Freight Logistics, Tiwari served as Deputy General Manager (Sales/Operations) at Pace Express since 2024. In this role, he led strategic sales and daily operations to expand the market footprint for global logistics services.

Previously, he spent 17 years at Universal Courier (2007–2024) as General Manager (Sales). There, he directed corporate business development, enterprise sales, and global pricing. His earlier roles include Sales Head at Dart Logistics (2005–2007) and Dispatch Supervisor at Om Chemical Industries Ltd./Kvality Carriers (2003–2005).

Appointment details

Tiwari is not related to any director of the company. The appointment marks a strengthening of the senior management team in the courier and freight operations segment.

Jet Freight Logistics Limited saw its promoter group's equity stake rise to 53.67% following the allotment of 37,06,665 shares through warrant conversion. The transaction, approved on September 25, 2026, involved three family members acquiring equal portions of the new equity.

The disclosure was filed with stock exchanges on September 29, 2026, under Regulation 29(1) and Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquisition was executed via preferential allotment, resulting in the issuance of 12,35,555 shares each to Tyra Richard Theknath, Tyrus Richard Theknath, and Thea Richard Theknath. Promoter Richard Francis Theknath submitted the Regulation 29(2) disclosure, noting that while he did not acquire shares directly, the allotment altered the group's shareholding percentage on a fully diluted basis.

Impact on Shareholding Pattern

Prior to this transaction, the combined holding of the promoter and promoter group stood at 2,36,26,488 shares, representing 50.92% of the company's equity share capital. Following the conversion, the total holding increased to 2,73,33,153 shares. This adjustment shifted the promoter group's stake to 53.67% of the post-acquisition equity capital.

The transaction also altered the composition of the group's holdings. Tyra, Tyrus, and Thea Richard Theknath moved from holding zero equity shares to owning 12,35,555 shares each, corresponding to a 2.43% stake individually. Consequently, their previous warrant holdings were reduced, reflecting the partial exercise of their convertible securities.

Capital Structure Changes

The conversion of warrants resulted in an increase in the company's paid-up equity capital. Before the acquisition, the equity share capital stood at ₹23,20,18,920, comprising 4,64,03,784 equity shares of ₹5 each. After the allotment, the capital rose to ₹25,46,17,235, with the total number of outstanding shares increasing to 5,09,23,447.

What the Numbers Show

A key observation in this disclosure is the shift in dilution dynamics for existing shareholders. While the promoter group's absolute stake increased by 37,06,665 shares, their percentage holding rose from 50.92% to 53.67%. This indicates that the warrant conversion was accretive to the promoters' control percentage relative to the new total share count, rather than being neutral or dilutive to their voting power.

Furthermore, the data reveals that significant warrants remain unconverted. Post-acquisition, the three acquirers still hold 1,85,33,335 warrants combined. This represents 22.11% of the total diluted share capital, suggesting that further potential dilution or promoter stake increase remains pending if these remaining instruments are exercised in the future.