Texmo Pipes & Products Ltd has been awarded ₹25.66 crore to pay Larsen and Toubro Limited following an arbitral ruling on September 24, 2026. The decision stems from commercial disputes arising out of business transactions between the two entities.

The award was passed by the Hon'ble Sole Arbitrator appointed by the Madras High Court under the Arbitration and Conciliation Act, 1996. The arbitrator partly allowed the claim of Larsen and Toubro, directing Texmo Pipes to pay the specified amount with interest at the rate of eight percent per annum, along with costs.

Counter-claims dismissed

The Hon'ble Sole Arbitrator dismissed the counter-claims filed by Texmo Pipes. Specifically, the arbitrator rejected the company's claim for outstanding legitimate dues of ₹23.51 crore. The ruling stated that these dues were outside the scope and purview of the arbitration agreement. However, the award noted that Texmo Pipes remains open to challenging this specific aspect in another court of law or appropriate forum.

Company response

Texmo Pipes stated that it does not foresee any operational impact from the verdict. The company disclosed that it is currently analysing and evaluating the award with its legal counsel. It intends to take suitable legal recourse, asserting that it believes it has a strong case on merits to pursue the matter further.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was taken on record by the Board of Directors in its meeting held on October 13, 2026.

Texmo Pipes & Products Ltd has allotted 15,30,000 equity shares to its promoters on a preferential basis, raising ₹6.98 crore. The allotment was approved during the board meeting held on Tuesday, October 13, 2026.

The shares were issued at a price of ₹45.65 per share, which includes a premium of ₹35.65 per share. The allotment was made to Shri Sanjay Kumar Agrawal and Smt. Rashmi Agrawal. This action was taken pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Capital structure impact

Consequent to this allotment, the paid-up equity share capital of the company stands increased from ₹29.19 crore (2,91,95,000 fully paid-up equity shares of ₹10 each) to ₹30.72 crore (3,07,25,000 fully paid-up equity shares of ₹10 each). The newly issued equity shares rank pari-passu in all respects with the existing equity shares of the company.

The preferential issue was conducted in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Promoter shareholding changes

The allotment resulted in an increase in the promoter group's holding. Details of the pre- and post-allotment shareholding for the recipients are outlined below:

Insider trading window status

In line with the SEBI (Prohibition of Insider Trading) Regulations, 2015, the company announced that the trading window remained closed from October 1, 2026. The window is set to reopen 48 hours after the declaration of standalone and consolidated un-audited financial results for the quarter and half-year ended September 30, 2026. This restriction applied to designated persons and their immediate relatives as per the company's code of conduct.