Tirupati Forge shareholders have approved a preferential issue of 37,00,000 convertible warrants aggregating ₹21,46,00,000, signaling a strategic capital raise led by promoter group entities. The Extra-Ordinary General Meeting (EGM) held on July 31, 2026, saw the passage of a special resolution allowing the company to issue these warrants at a price of ₹58 each, comprising a face value of ₹2 and a premium of ₹56. This approval enables the promoters to inject capital while deferring the full equity conversion cost, as only 25% of the issue price is payable at subscription, with the balance due upon exercise within 18 months.

The voting process was scrutinized by Piyush Jethva, Practising Company Secretary, pursuant to Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014. The EGM was conducted through Video Conferencing/Other Audio-Visual Means (VC/OAVM) in compliance with regulatory guidelines. Remote e-voting was facilitated by National Securities Depository Limited (NSDL) from July 28, 2026, to July 30, 2026. As of the record date on July 24, 2026, the company had 58,680 equity shareholders.

Voting Results

The resolutions received substantial support from both promoter and public shareholders. The ordinary resolution to increase authorized capital was passed unanimously, with no votes cast against it. The special resolution for the warrant issue saw minimal dissent, with only one vote recorded against the proposal from a non-institutional public shareholder.

Promoter shareholders accounted for the majority of the voting power, casting 58,950,757 votes in favor of both resolutions via remote e-voting. Public non-institutional shareholders contributed approximately 46.59 lakh votes in favor. No invalid votes were recorded for either resolution.

Capital Structure Changes

Alongside the warrant issue, shareholders approved an increase in the company’s authorized share capital from ₹26,50,00,000 to ₹27,50,00,000. This adjustment increases the number of authorized equity shares from 13,25,00,000 to 13,75,00,000, each with a face value of ₹2. The additional headroom supports future equity issuances resulting from the exercise of the newly approved warrants.

Warrant Terms and Allottees

The convertible warrants are being allotted on a preferential basis to three promoter group entities. Hiteshkumar Gordhanbhai Thummar will receive 9,25,000 warrants, while Bhargvi Manojbhai Thummar and Chetna Mukeshbhai Thumar will each receive 13,87,500 warrants. Each warrant is convertible into one fully paid-up equity share.

The pricing of the warrants was determined based on the relevant date of July 1, 2026, which is 30 days prior to the EGM. The warrants carry an 18-month exercise period from the date of allotment. If unexercised, the warrants will lapse, and the amounts paid will be forfeited by the company. The resulting equity shares will rank pari-passu with existing shares and be subject to lock-in provisions under SEBI ICDR Regulations.

Tirupati Forge Limited published Corrigendum-II to its Extraordinary General Meeting (EGM) notice in Indian Express and Financial Express on July 28, 2026, to rectify errors in the shareholding pattern table. The update ensures shareholders have accurate data ahead of the EGM scheduled for July 31, 2026, where the preferential issue of convertible warrants will be approved. This correction addresses discrepancies in promoter and non-promoter holdings disclosed in the original notice dated July 7, 2026.

The company dispatched Corrigendum-II via email to members on July 27, 2026, completing the process before the remote e-voting period commenced on July 28, 2026. The filing confirms compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The corrigendum specifically amends Item No. 2 of the explanatory statement, which pertains to the preferential allotment of warrants.

Corrected Shareholding Pattern

The primary purpose of the update was to fix pre- and post-issue shareholding percentages and absolute numbers as of June 30, 2026. The corrected figures reflect the position assuming full subscription and conversion of 37,00,000 proposed convertible warrants along with 8,50,000 warrants pending conversion.

Meeting Details and Voting

The EGM will be held on July 31, 2026, at 11:00 A.M. (IST) via Video Conferencing and Other Audio Visual Means (VC/OAVM). Remote e-voting runs from July 28, 2026, at 9:00 A.M. to July 30, 2026, at 5:00 P.M. The cut-off date for voting eligibility is July 24, 2026. Shareholders must read Corrigendum-II in conjunction with the original notice and Corrigendum-I issued on July 17, 2026.

The proposal involves the preferential allotment of warrants to promoter group members Bhargavi Thummar, Hiteshkumar Gordhanbhai Thummar, and Chetna Thummar. The price per warrant remains fixed at ₹58.00. All other terms of the EGM notice remain unchanged.