TD Power Systems raises ₹675 crore through two equity issues in 2026

TD Power Systems Limited raised nearly ₹675 crore through a ₹75 crore promoter preferential allotment on September 20, 2026 and a ₹599.9999625 crore qualified institutional buyers issue on October 12, 2026. The institutional allotment of 77,41,935 shares at ₹775 lifted paid-up equity capital to ₹32.1448795 crore.

How did TD Power Systems raise nearly ₹675 crore?

TD Power Systems raised the capital through two separate equity allotments: a ₹75 crore preferential issue to promoters and a ₹599.9999625 crore issue to eligible qualified institutional buyers, or QIBs. The transactions were completed on September 20, 2026 and October 12, 2026, respectively, and had different issue prices.

The promoter allotment comprised 12,50,000 equity shares of face value ₹1 each at an issue price of ₹600 per share, including a premium of ₹599 per share. The Board approved this allotment through a resolution passed by circulation on September 20, after members approved the proposal at an Extraordinary General Meeting on September 10, 2026.

The QIB allotment comprised 77,41,935 equity shares of face value ₹1 each at ₹775 per share, including a premium of ₹774 per share. The Fund Raising Committee approved the issue and allotment on October 12, 2026, following an issue period that opened on October 7 and closed on October 12.

The promoter issue followed in-principle approvals from BSE Limited and the National Stock Exchange of India Limited dated September 11, 2026. TD Power Systems said the preferential allotment was made under the Companies Act, 2013 and Chapter V of the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018.

What were TD Power Systems’ issue prices and premiums?

TD Power Systems priced the promoter issue at ₹600 per share and the QIB issue at ₹775 per share, making the institutional issue price ₹175 higher. Both issues involved shares with a face value of ₹1, which resulted in a ₹599 premium in the promoter allotment and a ₹774 premium in the QIB allotment.

The QIB issue price of ₹775 was set at a 0.05% discount to the disclosed floor price of ₹775.35 per share. The filing states that the institutional shares were allotted to eligible QIBs, but it does not identify subscribers or disclose how many institutions received the 77,41,935 shares.

The timing of the transactions also differed by more than three weeks. The preferential shares were allotted on September 20, 2026, while the QIB issue opened on October 7, 2026 and closed with allotment approval on October 12, 2026.

The financial-results notes disclose the consideration, share counts, prices and regulatory approvals for both transactions. They do not provide a breakdown of planned uses for the ₹75 crore promoter proceeds or the ₹599.9999625 crore QIB proceeds.

How many shares did TD Power Systems add through the fundraise?

TD Power Systems added 89,91,935 equity shares through the two transactions, comprising 12,50,000 shares issued to promoters and 77,41,935 shares issued to QIBs. The QIB issue accounted for 86.1% of the new shares and almost all of the ₹674.9999625 crore aggregate proceeds.

Following the October 12, 2026 QIB allotment, TD Power Systems reported paid-up equity share capital of ₹32.1448795 crore, comprising 32,14,48,795 equity shares of ₹1 each. That post-issue figure is the capital position reported in the filing after both the September preferential allotment and the October institutional issue.

The company had completed a share subdivision before the fundraise. Shareholders approved the subdivision of every ₹2 equity share into two ₹1 equity shares at the Annual General Meeting on August 12, 2026, with August 24 set as the record date for the corporate action.

After the subdivision, authorised share capital stood at ₹35 crore, comprising 35 crore equity shares of ₹1 each. TD Power Systems stated that earnings per share for all periods presented in its results were adjusted for the subdivision in accordance with Indian Accounting Standard 33, or Ind AS 33.

What do TD Power Systems’ September cash flows show?

TD Power Systems reported ₹75 crore of proceeds from issue of shares in its consolidated cash-flow statement for the period ended September 30, 2026. This amount corresponds to the September 20 promoter allotment, while the ₹599.9999625 crore QIB issue was allotted after the September reporting date.

Consolidated cash and cash equivalents stood at ₹288.8851 crore at September 30, 2026, compared with ₹62.5236 crore at September 30, 2025. Cash held in current accounts was ₹182.7826 crore and balances in Exchange Earners’ Foreign Currency, or EEFC, accounts were ₹106.0664 crore at the latest period end.

Net cash flow from operating activities was ₹211.7413 crore for the period ended September 30, 2026, up from ₹12.6046 crore in the corresponding 2025 period. Net cash flow from financing activities rose to ₹39.6762 crore from ₹12.523 crore, reflecting the ₹75 crore share-issue proceeds alongside ₹17.1851 crore of dividend payments and ₹18.0962 crore of net working-capital borrowing repayments.

The Board also declared an interim dividend of ₹0.65 per equity share on November 12, 2026. The dividend is payable to eligible shareholders whose names appear in the Register of Members at the close of the November 18, 2026 record date.

Conclusion

TD Power Systems completed two differently priced equity transactions in September and October 2026, raising ₹674.9999625 crore in aggregate. The ₹75 crore promoter allotment was completed at ₹600 per share, while the substantially larger QIB issue was completed at ₹775 per share and took paid-up equity capital to ₹32.1448795 crore.

The next disclosed event is the November 18, 2026 record date for the ₹0.65-per-share interim dividend declared on November 12. The filing does not specify how the proceeds from either equity issue will be deployed, leaving the eventual use of the ₹674.9999625 crore raised as the unresolved matter to watch in later disclosures.