A 1:2 Split, Not a Rout: T D Power Systems' Adjusted Shares Rose 1.7% on the Record Date; Promoter Preferential Issue at ₹600 Is the Live Question
Aug 24 was the record date for a ₹2→₹1 split. Adjusted, the stock closed +1.7%; market value stayed near ₹24,000 Cr. Promoters take 12.5 lakh shares at ₹600, EGM Sept 10.
₹752.70
Aug 28 close, post-split
MID-CAP
by market cap ≈ ₹11,759 Cr (₹5,000–20,000 Cr)
+1.7%
₹767.40 adjusted → ₹780.10, Aug 24
31.25 Cr
Was 15.625 Cr at ₹2 face value
₹600
12.5 lakh post-split shares, ₹75 Cr
₹86.5 Cr
vs ₹47.9 Cr Q1 FY26, +80.6%
What changed on August 24
August 24, 2026 was the record date for sub-dividing each ₹2 equity share into two ₹1 shares, approved at the AGM on August 12. The unadjusted price halved: ₹1,534.80 on August 21, ₹780.10 on August 24. On an adjusted basis the prior close is ₹767.40, so the record-date session closed 1.7% higher, with an intraday low of ₹761.
Market value did not move with the halving. Paid-up capital of ₹31.25 crore at ₹2 face value is 15.625 crore shares; at ₹1,534.80 that is about ₹23,981 crore. After the split, 31.25 crore shares at ₹780.10 is about ₹24,378 crore. No bulk or block deal was reported on August 24.
Record date fixed: Aug 24 for the ₹2 → ₹1 sub-division
The company fixed Monday, August 24, 2026 as the record date to determine holders eligible for the split of each ₹2 equity share into two ₹1 shares, as approved by shareholders at the 27th AGM on August 12, 2026.
Read:A sub-division changes the number of shares and the price per share in the same proportion. It carries no change in ownership or value. Price feeds that are not adjusted show a discontinuity on the record date.
BSE filing, Aug 12, 2026Promoter preferential allotment at ₹600
On August 14 the board approved a preferential issue to two promoters: Nikhil Kumar and Mohib Nomanbhai Khericha, 3,12,500 shares each at ₹1,200 on the pre-split basis, stated in the same filing as 6,25,000 shares each at ₹600 post-split, 12,50,000 shares in total for a consideration not exceeding ₹75 crore. The filing gives both bases and states the allotment will be made at the post-split price and face value. The EGM to approve it is on Thursday, September 10, 2026 at 2:30 PM.
Against the August 24 adjusted close of ₹780.10, ₹600 is about 23% lower; against the August 28 close of ₹752.70 it is about 20% lower. The filings do not state the pricing basis beyond compliance with Chapter V of the SEBI ICDR Regulations, which sets a floor price from trading history. The same board meeting approved an enabling resolution for fund raising by other routes including a qualified institutions placement; the earlier version of this report referred to an aggregate of ₹675 crore, which we have not been able to verify from the filing text available to us and do not repeat here.
Board approves preferential issue to promoters; QIP enabling resolution
12,50,000 post-split equity shares at ₹600 each to Nikhil Kumar and Mohib Nomanbhai Khericha (promoters), subject to shareholder approval at the September 10 EGM.
Read:The issue adds 12.5 lakh shares to 31.25 crore outstanding, about 0.4% of the share count, for ₹75 crore. The price is set on the post-split basis and was public ten days before the record date.
BSE filing, Aug 14, 2026Q1 FY27 and the Siemens Energy agreement
Standalone results for the quarter ended June 30, 2026, filed August 11 after market close: net sales ₹627.84 crore against ₹357.96 crore a year earlier, profit before tax ₹116.66 crore against ₹64.22 crore, profit after tax ₹86.46 crore against ₹47.88 crore, up 80.6%. The stock rose 3.2% on August 11 and 16.0% on August 12 on 1.11 crore shares traded, the heaviest session in the window.
On August 14 the company also disclosed a build-to-print manufacturing framework agreement dated August 13 with Siemens Energy, Inc. to manufacture and supply 2-pole generators to Siemens Energy's designs; purchase orders are to be issued against it project by project. The stock closed 4.3% higher on August 17, the first session after that filing, and reached its adjusted high of ₹798.60 (₹1,597.20 unadjusted) on August 18.
Split-adjusted price
After the record date the stock did decline: ₹780.10 on August 24 to ₹729.40 on August 25 (−6.5%) and ₹752.70 on August 28, about 1.9% below the adjusted August 21 close. That is the move to discuss, and it is a single-digit one. Because the price feed is not split-adjusted, moving averages and 52-week figures from the technicals service are not comparable across August 24 and are omitted here.
₹798.60
Aug 18 intraday (₹1,597.20 pre-split)
₹752.70
₹719.50
Aug 25 intraday, post-split
The filings that matter next
egm-sept-10
September 10 EGM outcome on the ₹75 crore promoter preferential issue at ₹600, and the allotment filing that follows.
qip
Any QIP launch under the enabling resolution: size, price and allottees.
siemens-orders
Purchase orders under the Siemens Energy framework agreement, if disclosed under Regulation 30.
q2-fy27
Q2 FY27 results (October–November) against the Q1 run-rate of ₹627.84 crore revenue and ₹86.46 crore PAT.
The August 24 print was a face-value change, not a repricing. Adjusted for the split, the stock rose on the record date, and the roughly 2% decline since is within a normal week for a stock that had risen about 25% in the preceding fortnight after results and the Siemens Energy agreement.
The item with real content is the promoter preferential issue: 12.5 lakh shares at ₹600, about 20% below the current price, going to shareholders on September 10. The filing sets out the terms; the vote is the next fact.
Informational and educational content only. Not investment advice.