Tega Industries to hold EGM virtually, revises preferential issue allottee for ₹2,000.60 crore Molycop acquisition funding
The preferential issue of approximately ₹2,000.60 crore and the acquisition of Molycop, valued at USD 1,480 million, represent a major strategic move. This acquisition is expected to significantly enhance Tega Industries' market position and product portfolio, making it a leading global player in mining consumables, thus having a high impact on the company's future operations and financial standing.
The announcement details a corrigendum for a large preferential issue aimed at funding a significant strategic acquisition, Molycop. This indicates proactive capital raising for substantial growth and market expansion, which is a positive development for the company.
Tega Industries Limited has issued a First Corrigendum to the Notice of its Extraordinary General Meeting (EGM) scheduled for Friday, October 10, 2025, at 11:00 a.m. (IST). * The mode of conducting the EGM has been changed from physical to virtual (via Video Conferencing and/or Other Audio Visual Means) in light of the Ministry of Corporate Affairs' Circular No. 03/2025 dated September 22, 2025. * The company has also updated the list of proposed allottees for the preferential issue. Specifically, for the ₹50 crore application size at Sl. No. 18, "360 One Mutual Fund" has been replaced by four entities from the same group: * Turnaround Opportunities Fund * 360 One High Growth Companies Fund * High Conviction Fund - Series 1 * 360 One Equity Opportunity Fund * The aggregate application size for the 360 One group remains ₹50 crore, and all other terms and conditions of the issue, including the issue price, remain unchanged. * The total preferential issue size remains up to approximately ₹2,000.60 crore (Indian Rupees Two Thousand Crores Fifty-Nine Lakhs Eighty-One Thousand Four Hundred Sixty Only), comprising 1,00,33,090 fully-paid equity shares of face value ₹10 each, at an issue price of ₹1,994 per equity share. * The proceeds from this preferential issue are intended to fund the Molycop Acquisition or other inorganic growth opportunities. * The Molycop Acquisition involves a consortium (Tega Industries holding ~77% equity stake and Apollo Funds holding ~23%) proposing to acquire 100% of AIP MC Holdings LLC (Molycop), a global supplier of grinding media to the mining industry. * The estimated enterprise valuation for the Molycop Acquisition is USD 1,480 million (approximately ₹12,328.40 crore). * The acquisition is expected to close by December 31, 2025, subject to the finalization of definitive purchase agreements, due diligence, and customary conditions precedent and closing conditions. * Crisil Ratings Limited has been appointed as the monitoring agency for the utilization of the issue proceeds, given that the issue size exceeds ₹100 crore.
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Tega Industries Limited filed this with the NSE as a statutory disclosure, categorised under corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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