Tunwal E-Motors Limited (NSE: INE0OXV01027) has approved the proposed issuance of up to 34,00,000 convertible warrants on a preferential basis to identified members of the Promoter and Promoter Group, for an aggregate amount of up to ₹10.20 crore. The proposal was approved by the Board of Directors at its meeting held on September 4, 2026, subject to approval of the shareholders and other requisite statutory and regulatory approvals.
The warrants are proposed to be issued at an issue price of ₹30 per warrant, comprising a face value of ₹2 and a premium of ₹28 per warrant. Each warrant will be convertible into one fully paid-up equity share of the Company having a face value of ₹2 each, at an issue price of ₹30 per share.
Under the proposed preferential issue, the warrants will be issued for cash consideration, with 25% of the issue price payable at the time of subscription and allotment and the remaining 75% 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 into equity shares, in one or more tranches, within 18 months from the date of allotment. Any warrants not exercised within the prescribed 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.
The proposed allotment comprises 25,50,000 warrants to Mr. Jhumarmal Pannaram Tunwal, Managing Director; 3,40,000 warrants to Tunwal Jhumarmal P HUF; and 1,70,000 warrants each to Ms. Sangita Jhumarmal Tunwal, Ms. Spreta Jhumarmal Tunwal, and Mr. Bhupesh Tunwal.
Upon full conversion of the warrants, the promoter and promoter group shareholding is expected to increase from 63.90% to 65.91% on a fully diluted basis.
The preferential issue will be placed before the shareholders for approval at the company's 8th Annual General Meeting (AGM) scheduled to be held on Tuesday, September 29, 2026.
