Scrip Code / Symbol: BSE: 544263 (KRN), NSE: INE0Q3J01015

Nature and Purpose of the Meeting

The Banking and Finance Committee (BFC) of the Board of Directors met to approve investment in the equity shares of KRN HVAC Products Private Limited (KHPL), a wholly owned subsidiary of the Company. This investment is in connection with funds raised through a Qualified Institutions Placement (QIP) for the purpose of investment in the Company's material subsidiary.

Details of Resolutions Passed

  • Approved investment of ₹235,25,75,100 (Rupees Two Hundred Thirty-Five Crore Twenty-Five Lakh Seventy-Five Thousand One Hundred only) in KRN HVAC Products Private Limited
  • Investment involves purchase of 78,41,917 equity shares of KHPL
  • Issue price: ₹300 per equity share (comprising face value of ₹10 per equity share and securities premium of ₹290 per equity share)

Financial Impact

Total capital investment: ₹235.26 crore

This investment will help KHPL fund its working capital requirements.

Timing of the Meeting

Meeting commenced at: 03:45 p.m.

Meeting concluded at: 04:00 p.m.

Date: Tuesday, June 09, 2026

Compliance References

  • Regulation 30 read with Schedule III of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015
  • SEBI master circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026
  • SEBI ICDR regulations (referenced through QIP placement document)
  • Companies Act (implied through corporate governance framework)

Additional Material Disclosures

Subsidiary Company Details:

  • KRN HVAC Products Private Limited (KHPL) is a Wholly Owned Subsidiary
  • Industry: Manufacturing
  • Business: Manufacturing of Heat Exchanger and other HVAC Products
  • Date of Incorporation: 07.04.2023
  • Country Presence: India
  • Financial Turnover:
  • 2025-26: ₹218.85 Crore
  • 2024-25: ₹15.51 Crore
  • 2023-24: ₹0.23 Crore

Transaction Details:

  • Falls under related party transaction category
  • Transaction is on Arm's length basis
  • No change in shareholding - KHPL will continue to remain wholly owned subsidiary
  • Consideration: Cash Consideration
  • Time period for completion: 1 month
  • No governmental or regulatory approvals required

Use of Proceeds:

This investment is part of the Use of Proceeds as specified in Placement Document dated June 01, 2026 relating to QIP.