Tunwal E-Motors Approves ₹10.20 Crore Preferential Issue

Tunwal E-Motors has approved a proposal to issue up to 34 lakh convertible warrants on a preferential basis to identified members of its promoter and promoter group for an aggregate amount of up to ₹10.20 crore. The proposal was approved by the company’s board on September 4, 2026, and remains subject to shareholder and other statutory and regulatory approvals.

The warrants are proposed to be issued at ₹30 each, comprising a face value of ₹2 and a premium of ₹28. Each warrant will be convertible into one fully paid-up equity share with a face value of ₹2 at an issue price of ₹30 per share.

Under the proposed issue, 25% of the warrant issue price will be payable at subscription and allotment, with the remaining 75% payable when the warrants are exercised. Payments made towards the warrants will be adjusted against the issue price of the resultant equity shares.

Tunwal E-Motors Convertible Warrant Issue Details

The warrants can be converted into equity shares in one or more tranches within 18 months from the date of allotment. Warrants that are not exercised within this period will lapse, with the amount paid towards them being forfeited. The company said the issue price was determined in accordance with applicable SEBI Issue of Capital and Disclosure Requirements regulations, based on pricing and valuation reports from a registered valuer.

The proposed allotment includes 25.50 lakh warrants to managing director Jhumarmal Pannaram Tunwal, 3.40 lakh warrants to Tunwal Jhumarmal P HUF, and 1.70 lakh warrants each to Sangita Jhumarmal Tunwal, Spreta Jhumarmal Tunwal and Bhupesh Tunwal.

Promoter Shareholding to Rise to 65.91%

If all the warrants are converted, 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 shareholders for approval at Tunwal E-Motors' eighth Annual General Meeting, scheduled for September 29, 2026.