Tirupati Innovar Limited has withdrawn its proposed rights issue aggregating up to ₹46.44 crore due to the non-receipt of basis of allotment approval from BSE Limited within the stipulated timeline. The Rights Issue Committee resolved to withdraw the issue on May 30, 2026, to protect investor interests after the delay led to blocked funds and investor complaints. The company is currently instructing banks to unblock the amounts, and shareholders whose funds remain blocked are advised to contact the registrar to the issue, Skyline Financial Services Pvt. Ltd.

The rights issue aimed to raise funds by issuing 4,64,42,650 equity shares of face value ₹10.00 each at a price of ₹10 per share. The shares were to be allotted to eligible equity shareholders in the ratio of 19 Rights Shares for every 10 Equity Shares held as on the record date. The issue was open for subscription from May 07, 2026, to May 15, 2026.

Rights Issue Details

The Board of Directors meeting commenced at 11.00 A.M. and concluded at 12.00 P.M. on May 30, 2026. The company stated that it will coordinate with the respective banks in consultation with Skyline Financial Services Pvt. Ltd to facilitate the unblocking of funds.

Tirupati Innovar Limited has announced that its board meeting is scheduled to be held on May 30, 2026. The meeting will take place at the company's registered office in Mumbai to consider and approve the audited financial results for the quarter and financial year ended March 31, 2026.

Agenda for the Meeting

The board will deliberate on several key agenda items. The primary focus is the consideration and approval of the audited financial results for the specified period. Additionally, the directors will take on record the audit report of the statutory auditors regarding these financial results.

Financial Statements Approval

The meeting will also consider the approval of the audited financial statements for the year ended March 31, 2026. This includes the balance sheet, statement of profit and loss, and cash flow statement along with the accompanying notes.

The company confirmed that the corporate announcement will be filed in XBRL format within the stipulated time and hosted on its website. Any other matters with the permission of the chair may also be discussed during the meeting.