Tandhan Energies

Shah Foods' board approved a preferential issue of up to 18,90,410 convertible warrants to Ankit Jalan, Anuj Jalan and Daivik Jalan at ₹153 each, for aggregate consideration of up to ₹28.92 crore, subject to shareholder and stock-exchange approvals. The warrants were convertible into an equal number of shares within 18 months, with 25% payable on allotment and the balance on conversion; authorised share capital was also approved to rise from ₹24 crore to ₹25.5 crore. The board approved a modification to the objects and utilisation of funds from the earlier preferential issue, recorded the resignation of Executive Director Manan Rajesh Patel after completion of the open-offer process and appointed MR & Associates as secretarial auditor for five years. Shah Foods completed a ₹75.16 crore cash preferential issue in March, and its promoter group held about 95.4% after the open offer. Consolidated operating revenue was ₹65.08 crore and PAT ₹10.28 crore in the June 2026 quarter, while standalone operating revenue was negligible.

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Shah Foods' board approved a proposal to issue up to 1,890,410 convertible warrants to promoters Ankit Jalan, Anuj Jalan and Daivik Jalan at ₹153 each, potentially raising ₹28.92 crore, subject to shareholder and stock-exchange approval. The warrants required 25% payment at allotment and the remaining 75% on conversion within 18 months. The board also approved a change in the objects and utilisation of money raised in the March preferential issue and recorded Executive Director Manan Rajesh Patel's resignation after the open-offer process. That earlier issue funded the acquisition of TPTPL, a wholly owned power-storage subsidiary, and promoter/PAC holdings stood at about 95.4% after the open offer.

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Infomerics Valuation and Rating issued a monitoring-agency report on Shah Foods' utilisation of ₹75.16 crore raised through its March preferential issue. The report recorded a 43% deviation, including ₹11.20 crore of payments by Tandhan Power Technologies to group entity Tandhan Polyplast: ₹5.30 crore in trade purchases, ₹5.70 crore in loan repayment and ₹0.20 crore in interest. It also said the subsidiary had lent ₹4.83 crore of unutilised proceeds to Smart-Voice Dealcomm, which was not permitted under LODR, while noting that the auditor's utilisation certificate did not match actual quarterly utilisation. Tandhan Power Technologies, Shah Foods' wholly owned subsidiary, reported standalone revenue of ₹144.35 crore in FY25.

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Shah Foods received a monitoring agency report on the use of ₹75.16 crore raised through its preferential issue, which recorded a 36.46% deviation from the stated objects. Tandhan Power Technologies, its wholly owned subsidiary, had paid ₹11.20 crore to group entity Tandhan Polyplast for trade purchases, loan repayment and interest, although the transaction was not specifically mentioned in the shareholder approval. The monitoring agency also said ₹16.20 crore of unutilised proceeds was lent to NBFC Smart-Voice Dealcomm at 10%, rather than being placed in permitted instruments under LODR. The report noted discrepancies between the auditor's certificate and actual utilisation, while ₹74.59 crore was shown as utilised at the company level and ₹0.57 crore remained unutilised. The proceeds followed Shah Foods' March preferential allotment, which funded its transition into battery and power-storage activities through the acquisition of Tandhan Power Technologies.

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July 8 (Reuters) - Shah Foods Ltd SHAH.BO:

• SHAH FOODS - APPOINTS ANUJ JALAN AS CHAIRMAN AND ADDITIONAL MANAGING DIRECTOR FOR 3 YEARS FROM JULY 8, 2026

• SHAH FOODS - APPOINTS VIKASH AGARWAL AS CHIEF FINANCIAL OFFICER

Source text: ID:nBSE7w2p2h

Further company coverage: SHAH.BO

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March 18 (Reuters) - Shah Foods Ltd SHAH.BO:

• VINODKUMAR SHRIKRISHNA GARG RESIGNS AS DIRECTOR

Source text: ID:nBSE8Kvh9t

Further company coverage: SHAH.BO

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Feb 5 (Reuters) - Shah Foods Ltd SHAH.BO:

• SHAH FOODS LTD - TO CONSIDER RAISING FUNDS

Source text: ID:nBSE12sFNt

Further company coverage: SHAH.BO

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