Kiri Industries Limited has received in-principle approval from both BSE Limited and National Stock Exchange of India Limited for the preferential issue of 60,82,600 warrants convertible into equity shares to promoters and promoter group members.

Approval Details

  • Approval Authority: BSE Limited and National Stock Exchange of India Limited
  • BSE Approval Date: November 02, 2026 (Reference: LOD/PREF/RB/FIP/1044/2026-27)
  • NSE Approval Date: November 03, 2026 (Reference: NSE/LIST/57286)
  • Regulatory Basis: Regulation 28(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Issue Particulars

  • Number of Warrants: 60,82,600
  • Conversion: Each warrant convertible into one equity share
  • Face Value: ₹10 per share
  • Issue Price: Not less than ₹475 per warrant
  • Allottees: Promoters and members of the Promoter group
  • Potential Fundraising: Approximately ₹289 crore (60,82,600 warrants × ₹475)

Compliance Requirements

Both exchanges have emphasized strict compliance with multiple regulations:

  • Companies Act, 2013
  • Securities Contracts (Regulation) Act, 1956
  • SEBI Act, 1992
  • Depositories Act, 1996
  • SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations)

Specific Conditions Mandated

1. Internal Controls: Company must strengthen internal controls to monitor trades by proposed allottees in the company's scrip before allotment

2. Undertaking Requirement: Must obtain undertaking from allottees confirming they will not do intra-day trading or any sale in the company scrip until allotment date

3. Verification Responsibility: Sole responsibility on issuer company to verify compliance with Regulation 167(6) of SEBI ICDR regulations, 2018

4. Listing Application: Must file listing application within 20 days from date of allotment as per SEBI circular dated June 21, 2023 (SEBI/HO/CFD/PoD-2/P/CIR/2023/00094)

5. Statutory Approvals: Must obtain all required statutory approvals from SEBI, RBI, MCA, etc.

Post-Allotment Requirements

  • Listing application must be filed without delay with applicable fees under Regulation 14 of LODR Regulations
  • Depositories will automatically release excess lock-in period of Pre-Preferential Holding of allottees without requiring NOC from Exchange
  • Non-compliance with 20-day listing application requirement will attract fines as specified in SEBI circular

Risk Factors

  • Exchanges reserve right to withdraw in-principle approval if information submitted is found incomplete/incorrect/misleading/false
  • Any non-compliances observed post-undertaking may impact listing of shares
  • This approval does not constitute approval under any other Act/Regulation/rule/bye laws

Signatories and References

  • Company Signatory: Gondalia Suresh Savajibhai, Company Secretary (M. No.: FCS7306)
  • BSE Signatories: Nkumar Pujari (Assistant Vice President), Tejas Tandel (Deputy Manager)
  • NSE Signatory: Ankita Gupta (Manager)
  • Company CIN: L24231GJ1998PLC034094
  • Company Address: Hasubhai Chambers, 7th Floor, Opp. Town Hall, Ellis Bridge, Ahmedabad, Gujarat-380006

Additional Notes

  • Copies marked to National Securities Depository Limited and Central Depository Services Limited
  • Checklist for further issues available on NSE website
  • This in-principle approval should not be construed as final approval for listing