The company made this announcement after market hours on Tuesday, 20 March 2012.

Meanwhile, the BSE Sensex was up 38.86 points, or 0.22% to 17,355.04.

On BSE, 1.46 lakh shares were traded in the counter as against average daily volume of 3.60 lakh shares in the past one quarter.

The stock hit a high of Rs 62 and a low of Rs 60 so far during the day. The stock had hit a 52-week high of Rs 70.65 on 7 April 2011. The stock had hit a 52-week low of Rs 27.50 on 3 October 2011.

The small-cap stock had outperformed the market over the past one month till 20 March 2012, falling 1.41% compared with the Sensex's 5.32% fall. The scrip had also outperformed the market in the past one quarter, surging 91.91% as against the Sensex's 14.11% gain.

The company has an equity capital of Rs 115.47 crore. Face value per share is Rs 10.

The board of Tilaknagar Industries' (TI) approved the conversion of convertible warrants held by, Amit Dahanukar, promoter of the company. The board approved the allotment of 42.84 lakh equity shares of Rs 73 each against conversion of warrants.

Consequently, promoter holding increased to 56.29% on the enhanced capital of the company, the firm said in a statement.

Commenting on the development, Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, "TI is gaining healthy traction and is well placed in the Indian made foreign liquor (IMFL) space to leverage the strengths of our business model and thereby capitalize the opportunities in the industry. TI's growth potential over the years has multiplied on the back of its performance with regards volume growth and its strategic capability to channel growth into earnings for its stakeholders. The company has evolved as key player in the IMFL space on account of its continued focus on ‘premiumisation' and efforts to deliver brands pan-India by virtue of a robust distribution network".

Mr Amit added, "The outlook is promising as we not only grow our portfolio but also focus on expanding our business in various geographies. Thus given our commitment towards the success of the business and its scalability, we are confident of the growth potential that we foresee for TI on a sustained basis".

On a consolidated basis, Tilaknagar Industries' net profit rose 50.9% to Rs 16.63 crore on 16.5% growth in net sales to Rs 148.81 crore in Q3 December 2011 over Q3 December 2010.

Tilaknagar Industries (TI) is one of the renowned Indian Made Foreign Liquor players (including whisky, brandy, gin, rum and vodka) with presence across India. The company manufactures, markets and sells more than 40 brands across all price points. TI's subsidiaries are Prag Distillery (P), Vahni Distilleries, Kesarval Springs Distillers and Punjab Expo Breveries with additional 5 subsidiaries for TI's allied activities. The company exports its products to Western Africa, the Middle East, the Far East and Caribbean countries.