TANFAC Industries Ltd

Issue Overview

• Type: QIP of equity shares; period: Jun 23-25, 2026.
• Total size and net proceeds: no revision/undersubscription observed.
• Main objectives: refrigerant gas plant (HFC-32) and general corporate purposes.

Utilisation of Proceeds

• Utilisation as disclosed: per offer document; no proceeds used in the quarter.
• No deviations observed from the objects.
• Refrigerant gas plant object: Nil utilized; unutilised funds 22,537.97 lakhs.
• General corporate purposes: Nil utilized; unutilised funds 1,029.04 lakhs.
• Unutilised proceeds held in Fixed Deposits and monitoring account.

Governance and Compliance

• All statutory approvals obtained; TNPCB CTE consent obtained for objects.
• No material unfavorable events affecting viability.
• No shareholder or material deviations reported; monitoring agency notes as per records.

General Corporate Purpose (GCP)

• GCP amount 1,029.04 lakhs; utilization Nil in quarter.

Meeting Details

• Audio recording of the earnings conference call for quarter ended June 30, 2026.

Participants

• Key participant role listed: Company Secretary and Compliance Officer.

Purpose

• Inform that the audio recording of the investor conference call has been made available.

Additional Notes

• Recording is hosted on the company's website; no links included.

Meeting Details

• Date: July 24, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited financial results for the quarter ended June 30, 2026.

Other Notes

• Trading window closure notice referenced in board intimation.

Resolutions

• Item 1: Special; approve preferential issue of up to 4,24,647 equity shares.
• Issue price Rs 2,341 per share; aggregate up to Rs 99.41 crore.
• Proposed allottees: Anupam Rasayan (promoter), Alrox Enterprises, Vivek Jain, Tatvam Trade.
• 100% consideration to be paid at allotment by allottees.
• Lock-in: pre-existing holdings locked-in as per ICDR Regulation 167(6).
• Post-issue shares rank pari passu with existing shares.
• Listing on the stock exchange is subject to regulatory approvals.
• Offer Document via PAS-4 or PAS-5; terms in explanatory statement.
• Utilisation proceeds to be kept in a separate bank account; used per Section 42.
• Board authorized to modify terms and to appoint intermediaries as needed.
• Authorized officers to apply for listing approvals and to finalize actions.
• Powers to be delegated to committees or officers; actions ratified.

Director appointment

• Item 2: Ordinary resolution to appoint Dr. D. Karthikeyan as Director (Nominee, Non-Executive).
• Effective date: 6 July 2026; liable to retire by rotation.
• Authority to take all steps to give effect to the resolution.
• Nominee of co-promoter Tamil Nadu Industrial Development Corporation Limited (TIDCO).
• Remuneration: none payable to the director.
• No other directors or KMP have interests in the resolution.
• Profile of Dr. D. Karthikeyan attached as Annexure-A.

Shareholding impact

• Pre-issue promoter holding total 48.73%; post-issue 48.98%.
• Anupam Rasayan promoter stake rises to 24.99% post-issue.
• Tamil Nadu ID Development Corporation holds 23.99% post-issue.
• Total post-issue shares: 2,16,33,565.
• No change in control; voting rights adjust with ownership.

Use of funds and objects

• Objects: refrigerant gas plant hydrofluorocarbons-32 and general corporate purposes.
• Total net proceeds: Rs 99.41 crore; utilization in FY2026-27.
• Rs 75,55,14,957 for project cost; Rs 23,85,83,670 for general purposes.
• Note: 10% deviation possible; proceeds not for promoter loans.
• Interim use: deposits or government securities; unutilized proceeds held.

Preferential issue update

• Board approved up to ₹173.49 crore preferential issue via private placement.
• Size reduced to ₹99.41 crore due to revised interest from Anupam Rasayan.
• Up to 4,24,647 equity shares to be issued at ₹2,341 each.
• Proposed allottees: Anupam Rasayan (promoter), Alrox Enterprises, Vivek Jain, Tatvam Trade.
• Aggregate issue size up to ₹99.41 crore at ₹2,341 per share (including ₹2,336 premium).
• Post-issuance, Anupam Rasayan's shareholding rises to 24.99% from 24.26%.
• Alrox Enterprises 0.46%, Vivek Jain 0.25%, Tatvam Trade 0.05% post-issuance.
• Issuance subject to statutory/regulatory approvals including shareholder approval.
• Annexure A provides details; 4 investors and post-issue allocations.
• Issue price not lower than floor price determined on June 30, 2026 per SEBI rules.

Fundraising milestones

• QIP closed 25 June 2026; 12,58,918 equity shares allotted.
• Raising approximately ₹250 crore from marquee institutional investors.
• Preferential issue approved for 7,41,082 equity shares at ₹2,341 each.
• Aggregate ₹173.5 crore via preferential issue, subject to approvals.
• Promoter Anupam Rasayan India Ltd to invest ₹135 crore.
• Other investors include Alrox Enterprises, Vivek Jain, Tatvam Trade.

Capital raise and approvals

• Aggregate capital raise from QIP and preferential issue is ₹423.5 crore.
• Board approvals and shareholder approvals were obtained for the capital raises.

Use of proceeds and strategic rationale

• Proceeds to fund growth, including R-32 refrigerant gas segment.
• Expand value-added fluorochemical product portfolio.
• Strengthen financial position and align promoters with public shareholders.
• Support next growth phase and maintain prudent capital structure.

Management commentary

• Managing Director Afzal Malkani calls the capital raises a growth milestone.

Capital raise and use of proceeds

• QIP raised approximately ₹250 crore from marquee institutional investors.
• Board approved a preferential issue of 7,41,082 equity shares at ₹2,341 each (₹173.5 crore) subject to shareholder approval.
• Total capital raise from QIP and the proposed issue amounts to ₹423.5 crore.
• Promoter Anupam Rasayan India Limited to invest ₹135 crore; the balance subscribed by institutional investors.
• Investors include Alrox Enterprises Private Limited, Vivek Jain, and Tatvam Trade.
• Proceeds will fund growth in the R-32 refrigerant gas segment, expansion of fluorochemical products, and other investments.
• Paid-up equity share capital will rise from 2,12,08,918 to 2,19,50,000 shares.
• MD Afzal Malkani calls the financing a milestone strengthening long-term growth potential.

Capital actions

• QIP completed, raising approximately ₹250 crore from marquee institutional investors.
• Board approves preferential issue of 7,41,082 equity shares at ₹2,341 each, aggregating ₹173.5 crore.
• Preferential issue subject to shareholders’ approval.

Investors

• Promoter Anupam Rasayan India Limited to invest ₹135 crore.
• Other investors include Alrox Enterprises Private Limited, Vivek Jain, Tatvam Trade.

Use of proceeds

• Combined capital raise from QIP and preferential issue totals ₹423.5 crore.
• Proceeds to support expansion, including strengthening the R-32 refrigerant gas segment.
• Expansion plans and strategic investments to enhance scale and long-term growth.

Capital structure

• Paid-up equity share capital to increase from 2,12,08,918 to 2,19,50,000 shares.