Board approves preferential issue of up to 14 lakh convertible warrants at ₹71.30/- to promoters
Board approved up to 14 lakh fully convertible warrants on a preferential basis to 3 promoter individuals at ₹71.30/- per warrant, total up to ~₹9.98 crore 💰.
By ScoutQuest · · 2 min read
- Warrants Approved
- up to 14 lakh fully convertible warrants on a preferential basis
- Issue Price
- ₹71.30/- per warrant
- Aggregate Issue Size
- total up to ~₹9.98 crore
Fund raise through promoter warrants
The Board of Directors has considered and approved the issuance of up to 14 lakh (Fourteen Lakh) fully convertible warrants on a preferential basis to three identified investors, all promoter individuals. The issue is subject to shareholder approval, in-principle approval from the Stock Exchange and such other regulatory and statutory approvals as may be required.
Key terms
- Issue price: ₹71.30/- per warrant, inclusive of the Warrant Subscription Price and the Warrant Exercise Price, payable in cash
- Aggregate issue size: up to ~₹9.98 crore
- Each warrant entitles the holder to subscribe to 1 fully paid-up equity share of face value ₹10/- each
- 25% of the Warrant Issue Price is payable at the time of subscription and allotment; the balance 75% is payable on exercise of the warrants
- Tenure: not more than 18 (eighteen) months from the date of allotment, exercisable in one or more tranches
- If a warrant is not exercised within 18 months, the unexercised warrant lapses and the amount paid on it stands forfeited by the Company
- The issue is entirely for cash consideration
Who is subscribing
- Dharmendra Sharad Gor (Promoter): 12,00,000 warrants; pre-issue holding 62,73,266 shares; post-issue holding 74,73,266 (53.20%)
- Neera D Gor (Promoter): 1,00,000 warrants; pre-issue holding 10,26,116 shares; post-issue holding 11,26,116 (8.02%)
- Harsh D Gor (Promoter/Promoter Group): 1,00,000 warrants; pre-issue holding 56,618 shares; post-issue holding 1,56,618 (1.11%)
The post-issue shareholding percentages are stated in the update as being calculated assuming full exercise of the warrants and consequent allotment of equity shares.
What the money is for
The stated objects are to finance the Company's business expansion, technology development and execution of projects in the fields of industrial wastewater treatment, water and resource recovery, recycling, zero liquid discharge, renewable energy, solar thermal systems and allied engineering solutions. This includes expenditure on research and development, engineering, procurement, manufacturing, plant and machinery, installation, project implementation and related working capital requirements.
Next steps for shareholders
- An Extraordinary General Meeting is to be convened on Wednesday, November 18, 2026 to seek approval for the proposed preferential issue of warrants
- The draft notice of the EGM has been approved and is to be dispatched to shareholders and submitted to the Stock Exchange
- November 11, 2026 is the cut-off date for determining which members are eligible to vote by remote e-voting or at the EGM
- SURANA AND KOTHARI ASSOCIATES LLP, Practising Company Secretaries, has been appointed as the Scrutinizer for the remote e-voting process and voting at the EGM
How to read this
A preferential allotment to promoters brings in fresh cash into the Company and increases promoter shareholding upon conversion, while also increasing the total number of equity shares. The warrant structure means the full amount is not received upfront — a quarter comes at allotment and the rest only if and when the warrants are exercised within the stated 18-month window.
Also from Taylormade Renewables
Board approves allotment of 2.5 lakh equity shares on conversion of preferential warrants
19 Oct 2026
Board meeting on 19 October 2026 to consider and approve fund-raising proposal
16 Oct 2026
More numbers
- Fully convertible warrants proposed to be issued14,00,000
- Issue price per warrant₹71.30/-
- Aggregate issue size₹9,98,20,000/-
- Face value per equity share₹10/-
- Warrant tenure from date of allotment18 (eighteen) months
- Payable at subscription and allotment of each warrant25%
- Balance payable on exercise of warrants75%
- Dharmendra Sharad Gor post-issue equity holding53.20%
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