Hind Rectifiers Limited has successfully completed the allotment of 10,86,366 equity warrants on a preferential basis to Tata Mutual Fund (Small Cap Fund) at ₹920.50 per warrant, including a premium of ₹918.50 per warrant, for a total consideration of ₹100 crores. The allotment was conducted on June 9, 2026, and the intimation was made to the National Stock Exchange and BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This issuance follows a Postal Ballot Notice dated May 16, 2026, and the warrants are convertible into an equivalent number of equity shares of the company.
The board of Hind Rectifiers has approved changing the company's name to 'Hirect Limited', according to an exchange filing on Wednesday, June 10. The revised name is subject to approval from shareholders and the Ministry of Corporate Affairs, along with consequent amendments to the Memorandum and Articles of Association of the equipment manufacturing firm. As reported in the filing, the change is in accordance with provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015. The filing specifically states that the board approved the change of name to 'Hirect Limited', subject to approval of the shareholders and approval of the Ministry of Corporate Affairs, and consequent amendments to the Memorandum and Articles of Association of the Company.
The board has also approved increasing the authorised share capital from ₹10 crore to ₹30 crore. The current share capital is divided into 5 crore equity shares of ₹2 each, while the revised structure will have 15 crore shares of ₹2 each. According to the exchange filing, this increase in authorised share capital is subject to approval from the company's shareholders. The filing specifically mentions that the board approved the increase in Authorised Share Capital of the Company from the existing Authorised Share Capital of ₹10,00,00,000 divided into 5,00,00,000 equity shares of ₹2/- each to ₹30,00,00,000/- divided into 15,00,00,000 equity shares of ₹2/- each, and consequential alteration in the Capital Clause of the Memorandum of Association, subject to the approval of the shareholders of the Company.
In response to observations raised by the stock exchanges regarding the application for the preferential issue, the company provided clarifications on the deployment of unutilized funds. The company had initially proposed to temporarily park unutilized proceeds in interest-bearing deposits with scheduled commercial banks, high-quality liquid mutual funds, and money market instruments. However, pursuant to a query from the NSE, the company stated that investing in high-quality liquid mutual funds is not permissible. Consequently, Hind Rectifiers has omitted this mode of investment from its proposed deployment plan for unutilized funds. The remaining options, such as interest-bearing deposits and money market instruments, will be utilized in accordance with the company's investment policy and applicable laws.
