Tirupati Tyres Ltd (TTL), a Mumbai-based company, announced significant changes to its board of directors following a meeting held on August 28, 2025. The company has appointed new leadership while bidding farewell to two of its existing directors, marking a notable shift in its governance structure.

New Appointments

TTL has made two key appointments to strengthen its board:

1. Mr. Nilesh Shyamlal Koshti has been appointed as Additional Executive Director and Chairman of the company. With experience in business and operations, Mr. Koshti's appointment is for a term of five years, effective August 28, 2025, subject to shareholder approval.

2. Mr. Akash Jitendra Kumar Patel joins the board as an Additional Non-Executive and Independent Director. Mr. Patel brings expertise in management and financial administration. His appointment is also for a five-year term, starting August 28, 2025, and is subject to shareholder approval.

Resignations

The company also announced the resignation of two directors:

1. Mr. Harsh Pravinbhai Patel, who served as a Non-Executive and Non-Independent Director, stepped down from his position on August 27, 2025.

2. Mr. Kunj Patel, who held the position of Non-Executive and Independent Director, also resigned on August 27, 2025.

Both Mr. Harsh Patel and Mr. Kunj Patel cited personal reasons for their resignations. The company confirmed that there were no material reasons for their departures other than those provided. It's worth noting that both resigning directors hold directorships in Heads Up Ventures Limited.

Board Restructuring and Compliance

In light of these changes, Tirupati Tyres has taken several additional steps:

1. The board approved the notice for the company's 37th Annual General Meeting.
2. The Audit Committee, Nomination & Remuneration Committee, and Stakeholder Committee have been reconstituted to reflect the new board composition.

These appointments and resignations are part of TTL's efforts to maintain an optimal combination of directors on its board, as stated in the company's regulatory filing.

The board meeting, which commenced at 5:00 PM and concluded at 5:10 PM on August 28, 2025, was held at the company's registered office in Mumbai.

Tirupati Tyres Ltd, listed on the BSE and the Metropolitan Stock Exchange of India, has made these disclosures in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

As the company moves forward with its new leadership, shareholders and market watchers will be keen to see how these changes influence Tirupati Tyres' strategic direction and performance in the coming years.

Tirupati Tyres Limited has announced plans for a significant capital raise and a corporate rebranding initiative, subject to shareholder approval. The company's Board of Directors has proposed two special resolutions through a postal ballot, aiming to fuel growth and reflect its evolving business focus.

Proposed Qualified Institutions Placement (QIP)

The company is seeking shareholder approval to raise up to Rs 99.00 crore through a Qualified Institutions Placement (QIP) of equity shares. This decision, approved by the Board on July 16, 2025, aims to capitalize on growth opportunities and strengthen the company's financial position.

Key details of the proposed QIP include:

• Issue of equity shares with a face value of Rs 10 each
• Target investors: Qualified Institutional Buyers (QIBs)
• Intended use of funds: Growth opportunities, expansion, working capital requirements, and general corporate purposes

Corporate Rebranding Initiative

In a strategic move to align its identity with its diversified business activities, Tirupati Tyres Limited is proposing to change its name to 'Tirupati Innovar Limited'. This decision, made by the Board on July 24, 2025, reflects the company's expansion beyond its original tyre manufacturing focus.

The name change aims to encompass the company's ventures into:

• Agriculture
• Infrastructure
• Goldsmith and silversmith businesses

Shareholder Voting Process

The company has initiated a postal ballot process for these resolutions:

• E-voting period: August 19, 2025 (9:00 AM) to September 17, 2025 (5:00 PM)
• Cut-off date for voting eligibility: August 15, 2025

Management Commentary

Pavankumar Patel, Director of Tirupati Tyres Limited, stated in the postal ballot notice, "The proposed name change to Tirupati Innovar Limited better reflects our revised corporate identity and strategic direction. This rebranding, coupled with the QIP, positions us to capitalize on diverse growth opportunities across our expanded business portfolio."

Financial Performance

For the quarter ended June 30, 2025, Tirupati Tyres Limited reported:

These figures demonstrate a significant improvement compared to the same quarter in the previous year, indicating positive momentum in the company's operations.

Investors and stakeholders are advised to review the full postal ballot notice and financial results available on the company's website for comprehensive details on the proposed resolutions and recent performance.