Saraswati Commercial Converts Warrants to 7 Lakh Equity Shares

Saraswati Commercial India Ltd has announced the completion of the conversion of 7,00,000 warrants into equity shares of Tilaknagar Industries Limited. This conversion was finalized on October 31, 2025, after Saraswati Commercial paid the remaining 75% of the consideration, amounting to Rs. 20,05,50,000. The Finance Committee of Tilaknagar Industries approved the allotment of these shares, and the transaction was disclosed to the BSE on November 20, 2025.

The financial terms of the transaction include a total acquisition cost of Rs. 26,74,00,000, with each share priced at Rs. 382. Saraswati Commercial’s payment of Rs. 20,05,50,000 represents the final installment for the conversion of the warrants into equity shares. This acquisition results in Saraswati Commercial holding approximately 0.27% of the diluted share capital of Tilaknagar Industries Limited.

Saraswati Commercial India Ltd operates as a Non-Banking Financial Company (NBFC) engaged in investing in shares and securities. The investment in Tilaknagar Industries Limited is part of its regular business activities as a financial investor. Prior to the conversion, Saraswati Commercial held 7,00,000 convertible warrants of Tilaknagar Industries. The conversion and subsequent allotment of equity shares align with the company’s investment strategy.

Tilaknagar Industries Limited is involved in the manufacturing and sale of Indian Made Foreign Liquor (IMFL). The company has a diverse portfolio of brands in various liquor categories, including brandy, whisky, vodka, gin, and rum. For the financial year ending March 31, 2025, Tilaknagar Industries reported a turnover of Rs. 3,174.61 Crores and a net worth of Rs. 882.25 Crores. The company’s authorized capital stands at Rs. 3,10,00,00,000, with a post-allotment paid-up capital of Rs. 2,45,90,87,500.

The conversion of warrants into equity shares was completed on October 31, 2025, and the shares were allotted on November 20, 2025. This transaction does not fall under related party transactions, and no governmental or regulatory approvals were required for the acquisition. The disclosure of this transaction is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Saraswati Commercial India Ltd is a Non-Banking Financial Company focused on investing in shares and securities. The company engages in financial investments as part of its core business activities, maintaining a strategic approach to its investment portfolio.