Tirupati Tyres Limited announced that it has received INR 131.25 million in funding from a group of investors

On February 1, 2023, Tirupati Tyres Limited closed the transaction. The company issued 21,000,000 convertible equity warrants at a price of INR 25 each for gross proceeds of INR 525,000,000. The transaction will include participation from Moonlight Multitrade LLP for 2,077,697 warrants, Parag Multi Trade LLP for 1,161,066 warrants, Harpreet Commosales Llp for 1,185,509 warrants, lntexCommosales LLP for 1,197,731 warrants, Nikhilesh Traders LLP for 2,138,806 warrants, Nacio Multi Traders LLP for 2,151,028 warrants, Avantika Commosales LLP for 2,175,471 warrants, Adan Traders Llp for 1,197,731 warrants, Birva Trading LLP for 1,161,066 warrants, Gazala Constructions Pvt Ltd, Gittanjali Commosales LLP for 2,138,806 warrants, Kamla Multitrade LLP for 2,117,401 warrants, Amit Prabhakar Wadkar for 1,197,731 warrants and, Geetaniali Medhekar for 1,099,957 warrants.

The company announced that the transaction has been approved by the board of directors of the company. The company will receive 25% of the issue price from the allottees at the time of issuance and remaining 75% at the time of exercising the conversion.