Tirupati Innovar Limited (formerly Tirupati Tyres Limited) has announced its board's approval for a rights issue to raise funds up to ₹47.00 crores. Following this approval, the company has scheduled a Rights Issue Committee meeting for December 19 to finalize key terms including issue price and rights entitlement ratio.

Rights Issue Details

The board approved the issuance and allotment of equity shares with the following parameters:

The rights issue will be offered to eligible equity shareholders as on the record date, which will be announced later. The company emphasized that the issue is subject to receipt of applicable regulatory and statutory approvals in accordance with SEBI regulations and the Companies Act, 2013.

Committee Formation and Upcoming Meeting

The board constituted a dedicated Rights Issue Committee to oversee the process:

The Rights Issue Committee is scheduled to meet on December 19 to consider and decide various matters in connection with the rights issue, including determination of the rights issue price, payment mechanism, rights entitlement ratio, record date, timing of the rights issue and other terms and conditions.

Trading Window Closure

In compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's Code of Conduct, the trading window for dealing in securities has been closed:

Regulatory Compliance

The rights issue will be conducted in compliance with:

• SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Companies Act, 2013 and rules made thereunder

The announcement was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Tirupati Innovar operates under CIN L46209MH1988PLC285197 and trades with scrip code 539040 on BSE and scrip ID TTIL.

Tirupati Tyres , formerly known as Tirupati Innovar Limited, has released its unaudited financial results for the quarter and half-year ended September 30, 2025, revealing a mixed picture of financial performance and auditor concerns.

Financial Highlights

The company, operating primarily in the Agriculture & Others segment, reported the following key figures:

Segment Performance

Tirupati Tyres' Agriculture & Others segment showed significant growth:

Auditor's Disclaimer

Despite the reported financial figures, the statutory auditors issued a disclaimer of opinion, citing several concerns:

1. Lack of satisfactory supporting documents for sales and purchases
2. Inadequate inventory valuation documentation
3. Missing fixed assets register
4. Unconfirmed trade receivables and payables
5. Unsecured loans without proper agreements
6. Non-disclosure of MSME classification for trade payables

The auditors noted that they were unable to obtain sufficient audit evidence due to inadequate documentation and handover from previous management.

Management Response

The company's management, led by Managing Director & CFO Pavankumar Kamleshbhai Patel, approved these unaudited financial results in a board meeting held on November 11, 2025. The meeting, which commenced at 6:00 P.M. and concluded at 6:20 P.M., also involved a review by the Audit Committee.

Investor Considerations

While Tirupati Tyres reports growth in its Agriculture & Others segment, the auditor's disclaimer raises significant questions about the company's financial reporting and internal controls. Investors and stakeholders may need to approach these results with caution and seek further clarification from the company regarding the auditors' concerns.

The company's ability to address these documentation and control issues may be crucial for restoring confidence in its financial reporting in the coming quarters.