Tunwal E-Motors Limited has approved the issuance of up to 34 lakh convertible warrants on a preferential basis to identified members of its Promoter and Promoter Group, for an aggregate consideration of up to ₹10.20 crore.
The decision was approved by the company’s Board of Directors at its meeting held on September 4, 2026, subject to approval from shareholders and other applicable statutory and regulatory authorities.
The warrants will be issued at an issue price of ₹30 per warrant, comprising a face value of ₹2 and a premium of ₹28. Each warrant will be convertible into one fully paid-up equity share of the company with a face value of ₹2, at an issue price of ₹30 per share.
Under the proposed preferential issue, the warrants will be issued for cash consideration. Twenty-five percent of the issue price will be payable at the time of subscription and allotment, while the remaining 75% will be payable upon exercise of the warrants. The amount paid towards the warrants will be adjusted against the issue price of the resultant equity shares.
The warrants will be convertible, either in one or more tranches, within 18 months from the date of allotment. Warrants not exercised within the stipulated period will lapse, with the amount paid towards such warrants being forfeited.
The issue price has been determined in accordance with the applicable provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, based on pricing and valuation reports obtained from a registered valuer.
Under the proposed allotment, 25.50 lakh warrants will be issued to Jhumarmal Pannaram Tunwal, Managing Director, while 3.40 lakh warrants will be allotted to Tunwal Jhumarmal P HUF. Sangita Jhumarmal Tunwal, Spreta Jhumarmal Tunwal, and Bhupesh Tunwal will each receive 1.70 lakh warrants.
Upon full conversion of the warrants into equity shares, the shareholding of the Promoter and Promoter Group is expected to increase from 63.90% to 65.91% on a fully diluted basis.
The proposed preferential issue will be placed before shareholders for approval at the company’s 8th Annual General Meeting (AGM), scheduled to be held on September 29, 2026.
