TD Power Systems Approves Preferential Issue and QIP for Fund Raising
TD Power Systems Limited announced that its Board of Directors approved significant fundraising measures, including a preferential issue to promoters and setting up a Qualified Institutions Placement (QIP) round. The resolutions were passed during the Board meeting held on August 14, 2026, subject to subsequent shareholder approval.The board decisions covered two primary methods for capital infusion: raising funds through a Preferential Issue and establishing a QIP opportunity.
Details of Preferential Issue
The company approved the issuance of equity shares via a Private Placement under the preferential issue mechanism. The allotment was targeted at two promoter entities, Nikhil Kumar and Mohib Nomanbhai Khericha.The offer structure details were presented based on the current face value (₹2 per Equity Share) and the post-split face value (₹1 per Equity Share).
In the case of the preferential issue targeting promoters, the total number of shares proposed to be issued at the post-split face value was 12,50,000. The allotment details related to Nikhil Kumar and Mohib Nomanbhai Khericha are summarized below:
| Investor Name | Category | Total Shares Proposed (Post-Split) | Issue Price (Post-Split) |
|---|---|---|---|
| Nikhil Kumar | Promoter | 6,25,000 | ₹600.00 |
| Mohib Nomanbhai Khericha | Promoter | 12,50,000 | ₹600.00 |
The board reviewed the pre and post-issue shareholding status for Nikhil Kumar and Mohib Nomanbhai Khericha. Prior to the issue, Nikhil Kumar held 1,29,65,320 shares (8.30%), while Mohib Nomanbhai Khericha had NIL holdings. Post-allotment, the shareholding percentages are projected to be 8.47% and 0.20%, respectively.
Qualified Institutions Placement (QIP) Round
The board also approved a plan for raising funds through a Qualified Institutional Placement (QIP). This placement allows the company to raise an aggregate amount not exceeding ₹600 Crores or an equivalent amount thereof, subject to statutory and regulatory approvals and shareholder approval.Future Corporate Actions and Timeline
To finalize these proposals, the Board decided on several key corporate actions:- Extra-Ordinary General Meeting (EGM): An EGM is scheduled for September 10, 2026, which will be held via video conferencing or other audio-visual means. The purpose of this meeting is to seek necessary shareholder approval for the preferential issue and QIP matters.
- Cut-off Date: Thursday, September 3, 2026, has been fixed as the cut-off date for determining the eligibility of equity shareholders entitled to vote at the EGM.
TDPOWERSYS Stock Price Movement
On Friday, shares of TD Power Systems Limited edged higher, settling at ₹1484.60 after gaining 0.57%. The stock traded within a range defined by the daily high of ₹1505 and a low of ₹1464, with a volume of 759,298 shares recorded during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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