Transformers & Rectifiers (India) Limited has initiated a postal ballot process to seek shareholder approval for varying the utilization of its Qualified Institutional Placement (QIP) proceeds and revising the utilization timeline. The company raised ₹5,000 million through the QIP in June 2024. As of June 30, 2026, it had utilized ₹3,547.49 million, leaving ₹1,452.51 million unutilized.

The board approved the proposal on August 27, 2026. The postal ballot notice was issued on August 29, 2026, pursuant to Section 110 of the Companies Act, 2013, and Rule 22 of the Companies (Management and Administration) Rules, 2014. The move follows a report by Monitoring Agency India Ratings and Research Private Limited, which noted deviations in utilization, including ₹180.89 million towards General Corporate Purposes (GCP).

Postal Ballot Calendar

Mr. Tapan Shah, Practicing Company Secretary, has been appointed as the scrutinizer for the process. The relevant date for considering shareholders is August 21, 2026. Voting will be conducted via remote e-voting through Central Depository Services (India) Limited (CDSL).

Revised Capital Allocation

The board approved varying the utilization of unutilized QIP proceeds from the June 13, 2024 placement. This reallocation requires member approval via special resolution. The proposed changes aim to align object-wise utilization with underlying business requirements, actual deployment, and monitoring agency observations. The aggregate QIP proceeds remain unchanged at ₹5,000 million. The utilization timeline for unutilized proceeds is revised to March 31, 2027.

The proposed capex limit increase to ₹1,616.32 million is intended for backward integration projects (CTC, Pressboard, Bushing) and other capex projects for growth and business expansion. The limits for working capital and repayment of borrowings remain unchanged. The limit for inorganic growth and general corporate purposes is revised down to ₹1,378.10 million, while QIP related issue expenses are revised to ₹141.78 million.

Strategic Expansion Details

The proposed UK subsidiary, Maxwell Grid Transformers (UK) Private Limited, will hold a 51% stake for the parent company. The entity will manufacture, repair, and distribute transformers in the United Kingdom. The investment amount is GBP 10 million.

The subsidiary’s primary activities include:

• Manufacturing and repairing transformers
• Selling and distributing Transformers & Rectifiers products
• Trading transformer components

The investment will be deployed through equity share capital subscription, debt instruments, guarantees, or other permissible mechanisms. The company will fund this via initial cash consideration.

Regulatory Compliance

The disclosures were made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. No governmental or regulatory approvals are required for the incorporation.

Transformers & Rectifiers (India) Limited will host an investor and analyst interaction on Thursday, August 20, 2026. The event will take place during the Kotak Manufacturing Forum 2026 in an in-person format.

The company issued the intimation on August 17, 2026, citing compliance with Regulation 30(6) read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Meeting Details

The schedule is indicative and subject to change due to unforeseen developments. Transformers & Rectifiers stated that the management will refer only to publicly available documents during the session. No unpublished price-sensitive information (UPSI) will be discussed.

Rakesh Kiri, Company Secretary, signed the disclosure filed with both the Bombay Stock Exchange and the National Stock Exchange of India.