Mumbai – NITCO Limited, India’s leading player in Tiles, Marble and Mosaico with a 70-year legacy and presence across 55+ countries, announced that Vivek Talwar, Chairman & Managing Director and Promoter of the Company, has converted the remaining balance of convertible warrants issued to him in January 2025.
The Board of Directors approved a total allotment of 1,20,10,000 equity shares of face value ₹10 each at a premium of ₹82.25 per share, to Vivek Talwar, pursuant to the exercise and conversion of the balance convertible warrants held by him. With this conversion, Mr. Talwar has exercised all 2,34,10,000 convertible warrants originally allotted to him, resulting in the full conversion of the warrant issue, aggregating to approximately ₹216 crore.
As a result, the Promoter and Promoter Group shareholding in the Company rises to ~24%, reinforcing the Promoter’s long-term commitment to NITCO at a time when the Company continues to scale its dealer network, showroom footprint, and presence across the surfaces industry.
“This conversion reflects my continued belief in NITCO’s direction and the strength of what our team is building across tiles, marble, mosaico and real estate businesses. A higher Promoter and Promoter Group stake strengthens the foundation of the company, and reassures every stakeholder of our unwavering confidence in what we’re building. I remain fully invested in NITCO’s future, and in the people who make that future possible,” said Vivek Talwar, Chairman & Managing Director, NITCO Limited.