Tirupati Innovar Limited (formerly known as Tirupati Tyres Limited) has formally announced the outcome of its Rights Issue Committee meeting held on April 24, 2026, approving a rights issue of Rs. 46.44 crore. The committee confirmed comprehensive terms for the capital raising exercise following regulatory compliance requirements under SEBI regulations.

Rights Issue Terms and Structure

The Rights Issue Committee has established detailed terms for the capital raising exercise worth Rs. 46,44,26,500. The committee approved the issuance of 4,64,42,650 fully paid-up equity shares at Rs. 10.00 per share with face value of Rs. 10.00 each.

Issue Timeline and Key Dates

The rights issue follows a structured timeline with specific dates for various activities. The issue period spans from early May to mid-May 2026, providing shareholders adequate time to participate in the capital raising exercise.

Payment Terms and Structure

The rights issue requires full payment on application with no premium component. The committee has structured the payment terms to ensure accessibility for eligible shareholders.

Share Capital Impact and Regulatory Compliance

The rights issue will significantly expand the company's equity base from the current 24,44,350 outstanding equity shares. Upon full subscription, the total outstanding equity shares will increase to 4,66,87,000 shares. The company has made necessary arrangements with NSDL and CDSL for crediting rights entitlements in dematerialized form to eligible shareholders' demat accounts prior to the issue opening date.

Board Appointment and Leadership Changes

The company also approved the appointment of Mr. Manjotsingh Surjitsingh Oberoi (DIN: 09200308) as Additional Non-Executive Non-Independent Director effective April 24, 2026, subject to shareholder approval. Mr. Oberoi brings 32 years of experience in risk management across multiple business sectors including manpower, security services, fleet management, energy, agriculture, and retail.

Tirupati Innovar Limited has announced the resignation of Mr. Bharat Babubhai Sakariya from his position as Independent Director, effective April 25, 2026. The company informed stock exchanges about this development through official regulatory filings pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Resignation Details

Mr. Sakariya tendered his resignation letter on April 25, 2026, citing his inability to devote adequate time to the company's affairs due to preoccupation. The Board of Directors placed on record its appreciation for the valuable contribution and guidance provided by Mr. Sakariya during his association with the company as an Independent Director.

Regulatory Compliance and Disclosure

The resignation was communicated to BSE Limited (Scrip Code: 539040, Scrip ID: TTIL) and The Metropolitan Stock Exchange of India Ltd in compliance with listing regulations. As required under SEBI regulations, Mr. Sakariya confirmed that there are no other material reasons for his resignation beyond those disclosed.

Other Directorships and Committee Memberships

Mr. Sakariya currently holds directorship in other listed entities and serves on various committees:

Company Information

Tirupati Innovar Limited, formerly known as Tirupati Tyres Limited, operates with CIN: L46209MH1988PLC285197. The company is headquartered at Unit No. 606, Reliables Pride, Anand Nagar, opp. Heera Panna, Jogeshwari (W), Mumbai, Maharashtra, 400102.

In his farewell message, Mr. Sakariya expressed sincere appreciation for the cooperation and support provided by his colleagues on the Board during his tenure as Director. The resignation represents a routine corporate governance matter handled in full compliance with applicable regulatory requirements.