Issue of equity shares and warrants on preferential basis
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Awaiting price reaction for this filing.
The Board of Kalind Ltd has approved a preferential issue at Rs.147 per share (face value Rs.10) comprising three parts: (i) 81.94 lakh equity shares for cash (~Rs.120.46 crore), (ii) 29.33 lakh convertible warrants (~Rs.44 crore, convertible within 18 months), and (iii) 1.12 crore equity shares issued as non-cash consideration (~Rs.164.30 crore) to acquire a 53% stake in DBJ Multi Services Pvt Ltd, an earth-moving and civil works company. The total raise/issuance is approximately Rs.328.76 crore, with over 160 allottees including promoters (Ayush Jasani, Dharmendrabhai Jasani), promoter group (Ketnaben Jasani), and a large pool of public/HNI investors; Indo Thai Securities Ltd is the single largest allottee at ~Rs.41.85 crore. The acquisition is a related-party transaction, approved by the Audit Committee at arm's length based on independent valuation. The Board also approved reclassifying Yagnik Tank from Promoter to Public, altering the main object clause to add software development/IT services, and appointing a new Woman Director, with an EGM scheduled for 6 January 2026.
Existing shareholders face significant dilution as total equity rises sharply post-issue; however, the company raises ~Rs.164 crore in fresh cash plus adds a revenue-generating subsidiary (DBJ Multi Services). The stock may see short-term pressure from the large preferential issue and related-party acquisition, though the 53% acquisition is aligned with Kalind's existing line of business.