Tirupati Tyres Ltd Plans Major Equity Fund Raise to Fuel Growth and Expansion

Tirupati Tyres Ltd announced a dual approach to raise funds: a rights issue offering 4.88 crore equity shares at ₹10 each, amounting to ₹48.89 crore, and a QIP targeting institutional buyers to raise up to ₹99 crore. These steps aim to strengthen the company’s financial base, supporting growth initiatives and working capital. Alongside this, the company is undergoing a rebranding to Tirupati Innovar Ltd, reflecting its expanding footprint beyond tyre manufacturing into agriculture, infrastructure, and other sectors.

Key highlights:

Rights issue offering 2 equity shares for every 1 share held, at ₹10 per share, aggregating ₹48.89 crore.

QIP planned to raise up to ₹99 crore from qualified institutional buyers.

Proposed name change to Tirupati Innovar Ltd to signify diversification.

Funds to be utilized for growth opportunities, capital expansion, and working capital requirements.

Board and shareholder approvals underway via postal ballots and e-voting.

Recent financials show improving revenue and net profit trends, supporting fund-raising rationale.

These measures position Tirupati Tyres Ltd for robust expansion while reinforcing its capital structure. The company continues to engage its shareholders actively to secure approval for its strategic initiatives.

Source: Chittorgarh Rights Issue Details, ScanX Corporate Action Update, Motilal Oswal Announcement​