Tega Industries has appointed Mr. Vinay Grover as Global Head of Sales, effective September 1, 2026. The company disclosed the appointment of senior management personnel on August 27, 2026.

The move follows the company's compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Appointment Details

Mr. Grover will serve in a full-time capacity until retirement age, subject to separation or resignation as per company rules. He currently serves as President - Global Sales at Tega Industries.

Professional Background

Mr. Grover brings over three decades of experience across the mining, mineral processing, crushing and screening industries. A Bachelor of Technology graduate, he has been with Tega since 2003.

His tenure at the company includes roles in sales growth, business development, market expansion, customer relationship management, channel strategy, product development, and business operations. He possesses significant international experience across Canada, Latin America, Europe, the Americas, and India. Before joining Tega, he held key positions at Metso Minerals (India).

Tega Industries has circulated its postal ballot notice seeking shareholder approval for a ₹95.40 crore preferential equity issue. The capital raise targets AP Jupiter Holdings II, Ltd., with proceeds earmarked primarily for refinancing debt incurred during the Molycop acquisition and meeting working capital needs.

The Board of Directors approved the transaction in its meeting held on August 22, 2026. The company authorized the allotment of 4,78,435 equity shares at an issue price of ₹1,994 per share. This price includes a premium of ₹1,984 and aligns with the valuation used in the company’s October 2025 preferential issue. The total subscription amount aggregates to ₹95,39,99,390.

Deal Structure and Investor Details

The entire issuance is allocated to AP Jupiter Holdings II, Ltd., categorized as a public investor. The proposed allottee is managed by Apollo Funds, the consortium partner with Tega Industries in the acquisition of Molycop. As of June 30, 2026, Tega Industries held an approximately 84.2% controlling stake in Molycop, which had an enterprise value of roughly USD 1.5 billion.

Utilization of Proceeds

The company intends to utilize the issue proceeds predominantly towards interest and finance costs, as well as the partial or full repayment and refinancing of existing borrowings. A smaller portion will be directed toward working capital requirements.

As of June 30, 2026, the company’s outstanding borrowings stood at approximately ₹1,633 crore. These borrowings were part of the funding mix for the Molycop acquisition, which also included internal accruals and a previous preferential allotment of roughly ₹1,713 crore.

Regulatory Approvals and Voting Timeline

Shareholders must approve the preferential issue through a special resolution via a remote e-voting process. The cut-off date for voting eligibility is Wednesday, August 19, 2026. Only members registered with the Registrar and Share Transfer Agent (MUFG Intime) or Depositories as on this date are eligible to vote.

The e-voting window commences on Sunday, August 23, 2026, at 9:00 am and concludes on Monday, September 21, 2026, at 5:00 pm. The results, scrutinized by M/s A.K. Labh & Co., will be announced no later than Wednesday, September 23, 2026.

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Manjuree Rai, Company Secretary & Compliance Officer, signed the disclosure.