Saraswati Commercial (India) Limited , a Non-Banking Financial Company (NBFC), has announced a significant investment in Tilaknagar Industries Limited, a major player in the Indian Made Foreign Liquor (IMFL) sector. The investment, totaling Rs 267.4 crore, comes in the form of convertible warrants, marking a strategic financial move for both companies.

Investment Details

Saraswati Commercial has agreed to invest in 700,000 convertible warrants of Tilaknagar Industries at a price of Rs 382.00 per warrant. Each warrant is convertible into one equity share of Tilaknagar Industries, with a conversion period of 18 months from the date of allotment.

Financial Structure

The investment structure is as follows:

Tilaknagar Industries Overview

Tilaknagar Industries Limited, the target of this investment, is a well-established company in the breweries and distilleries sector. Key financial highlights of the company include:

The company has shown consistent growth in recent years, with turnover increasing from Rs 2,469.28 crore in FY 2022-23 to Rs 3,174.61 crore in FY 2024-25.

Strategic Implications

For Saraswati Commercial, this investment aligns with its core business as an NBFC engaged in investment activities. The company is making this investment as a financial investor in its normal course of business.

Tilaknagar Industries' board approved this preferential issue on July 29, 2025. The move is expected to strengthen Tilaknagar's financial position and potentially support its growth initiatives in the IMFL sector.

Regulatory Compliance

The investment exceeds the threshold specified in Regulation 30(4)(i)(c)(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which requires disclosure for investments exceeding 2% of the net worth as per the last audited consolidated financial statements.

Next Steps

Tilaknagar Industries will seek approval from shareholders and stock exchanges for the preferential issue of shares and convertible warrants. Upon receiving the necessary approvals, Saraswati Commercial will make the initial 25% payment, with the remaining 75% due at the time of converting the warrants into equity shares.

This strategic investment underscores the potential that financial investors see in India's growing IMFL sector and highlights Tilaknagar Industries' strong market position and growth prospects.

Saraswati Commercial (India) Limited has successfully completed its investment of ₹9.99 crore in Veranda Learning Solutions Limited through a Qualified Institutional Placement (QIP). The non-banking financial company (NBFC) acquired 4,44,049 equity shares at ₹225.20 per share, securing a 0.47% stake in the EdTech platform.

Investment Details

The shares were credited to Saraswati Commercial's demat account on July 24, marking the completion of the transaction. This investment was part of Veranda Learning Solutions' larger ₹380 crore QIP issue, with Saraswati Commercial participating as a financial investor in the Qualified Institutional Buyers (QIB) category.

About Veranda Learning Solutions

Veranda Learning Solutions operates an integrated online-to-offline EdTech platform, offering learning programs for competitive and professional exams. The company has shown significant financial performance, reporting:

Strategic Move for Saraswati Commercial

As an NBFC engaged in investment activities, Saraswati Commercial's participation in this QIP aligns with its core business strategy. The company stated in its regulatory filing that the investment exceeds the threshold specified in Regulation 30(4)(i)(c)(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which is 2% of the net worth as per the last audited consolidated financial statements.

Market Impact

This investment by Saraswati Commercial in Veranda Learning Solutions demonstrates confidence in the EdTech sector's growth potential. It also highlights the attractiveness of Veranda's business model in the competitive and professional exam preparation space.

The successful completion of this QIP by Veranda Learning Solutions, with participation from institutional investors like Saraswati Commercial, is likely to strengthen its financial position and support its growth initiatives in the dynamic EdTech market.

As the EdTech sector continues to evolve, strategic investments like these could play a crucial role in shaping the competitive landscape and driving innovation in online and offline learning solutions.