Mumbai, Maharashtra, 4th of August, 2026 : 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.
About NITCO
For over 70 years, NITCO has been a leader in the surface industry, known for its innovation, quality, and sustainability. As the only global company offering Tiles, Marble, and Mosaico, we blend cutting-edge technology with nature-inspired designs, making us the preferred choice for architects, builders, and discerning clients.
NITCO’s rich legacy of trust and quality has shaped some of India’s most iconic buildings and townships. Recognized globally for exceptional craftsmanship and certified quality, NITCO continues to set benchmarks in the industry, with a presence in over 55 countries.
With a robust network of 650+ dealers, 9 exclusive Le Studio experience centres, and 80+ franchise stores across India and Nepal, NITCO ensures easy access to all its products. Our global footprint extends our reach, making our products a favourite among clients worldwide.
Beyond building materials, NITCO’s Real Estate division drives long-term value through strategic development and asset monetization of its extensive land portfolio across high-potential regions. By partnering with leading developers and executing joint development agreements and land sales, NITCO transforms prime acreage into thriving urban and luxury projects. With more than 330 acres across major locations including Mumbai, Alibaug, Virar, Goa, Panvel, and Pune, this division unlocks significant financial strength and supports sustainable growth, complementing the Company’s core building materials business.
At the heart of our operations lies a commitment to sustainability. Through eco-friendly manufacturing and recycling initiatives, we ensure that beauty and responsibility go hand in hand. With NITCO, you don’t just build spaces—you craft timeless stories.
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