TD Power Systems Limited moves to reshape its capital structure

Equity dilution: Assuming the issue is fully subscribed and no other share changes occur, the 1.25 million new shares would dilute existing shareholders by 7.41% of post-issue equity.

• Pre-issue shares: 15.621 million ^[1]
• Post-issue shares: 16.871 million = 15.621 million + 1.25 million
• Dilution: 1.25 / 16.871 = 7.41%
• The issue represents 8.00% of pre-issue equity; existing shareholders would retain approximately 92.59% after the issuance.

End-use of the Rs 750 million: The specific capital-expenditure project or working-capital line items cited in the original board resolution are not reproduced in the cited material, so they cannot be identified reliably. Later management commentary referred generally to retained earnings being directed toward working capital ^[2], and separately discussed approximately Rs 500 million of debottlenecking investment alongside potentially higher working-capital and funding requirements ^[3]. Those later comments should not be treated as the original resolution’s formally stated end-use.

The issue price of Rs 600 cannot be conclusively compared with the SEBI floor price from the cited material because the 90-day and 10-day VWAP figures, and the board-approval date, are not reported. The filing confirms only that 1,250,000 shares were allotted to promoters at Rs 600 per share and that listing approval was received on October 1, 2026.^[4]

Market-price comparison

The closest disclosed market-price reference is Rs 716.80 on September 28, 2026, quoted at 11:19 a.m.^[1] Against that reference:

• Issue price: Rs 600
• Difference: Rs 116.80 below the market price
• Implied discount: 16.29%, calculated as `(716.80 - 600) / 716.80`
• Issue price as a percentage of that market reference: 83.70%

Thus, relative to the September 28 quoted price, the issuance was at a discount of approximately 16.29%. However, this is not a definitive comparison with the prevailing price on the board-approval date because the exact approval-date market price is not reported.

SEBI floor-price comparison

To establish whether Rs 600 was above or below the mandated floor, the relevant calculation would be:

`SEBI floor price = higher of the 90-day VWAP and 10-day VWAP`

The cited filing does not provide either VWAP, the resulting floor price, or the board resolution date. Therefore:

• Premium or discount to the SEBI floor: cannot be determined from the disclosed evidence.
• Premium or discount to the nearest disclosed market reference: approximately 16.29% discount, subject to the date caveat above.
• The fact that the issue price is below Rs 716.80 does not by itself establish non-compliance, because the SEBI floor is based on the prescribed VWAP calculation rather than a single market quote.