The Board considered and approved two key items:
1. Variation/Re-allocation of QIP Proceeds
The Board approved the variation/re-allocation of unutilized proceeds from the Qualified Institutional Placement (QIP) made pursuant to the Placement Document dated June 13, 2024. This requires approval of the Company's Members by way of Special Resolution through Postal Ballot.
2. Incorporation of UK Subsidiary
The Board approved the incorporation of a subsidiary company in the United Kingdom, subject to completion of applicable statutory, regulatory and other formalities.
Details of UK Subsidiary (Maxwell Grid Transformers (UK) Private Limited)
- Name: Maxwell Grid Transformers (UK) Private Limited
- Status: Yet to be incorporated
- Country of Incorporation: United Kingdom
- Holding Company: Transformers and Rectifiers (India) Limited
- Relationship: Subsidiary Company
- Industry: Electrical Equipment and Capital Goods Sector
- Business Activities: Manufacturing and repairing transformers, selling and distributing TARIL transformers, and trading in transformer components (in line with and ancillary to the main objects of the Company)
- Governmental Approvals: Not Applicable for incorporation
- Consideration: Initial capital subscription in cash
- Investment Amount: GBP 10 million equivalent, in one or more tranches
- Investment Instruments: Subscription to equity share capital, debt, guarantees and/or other permissible instruments
- Shareholding: 51% shareholding/control by the Company
- Share Allocation: Number of shares to be determined upon incorporation and subscription
The disclosure is made pursuant to Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.