Outcome of Board meeting to consider preferential issue of shares and warrants and other matters as mentioned.
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Kalind Ltd's board on December 5, 2025 approved a preferential issue of equity shares and convertible warrants at Rs.147 per share (face value Rs.10) aggregating up to Rs.328.76 crores. The issue comprises 81.94 lakh equity shares for cash (~Rs.120.46 cr), 29.33 lakh convertible warrants (~Rs.44 cr), and 1.11 crore equity shares for non-cash consideration (~Rs.164.30 cr) to acquire a 53% stake in DBJ Multi Services Private Limited. The warrants are convertible within 18 months. The board also approved reclassification of Mr. Yagnik Tank from promoter to public, alteration of the main object clause to add software development and IT services, and appointment of Mrs. Ketanaben Dharmendrabhai Jasani as a Non-Executive Woman Director. An EGM is scheduled for January 6, 2026 to seek shareholder approval.
This is a heavily dilutive issuance — the equity base will more than double from ~189 lakh to ~413 lakh shares. Existing shareholders face significant dilution, though the company raises ~Rs.164 cr in cash (shares + warrants) and acquires a complementary earthmoving/civil works business for non-cash consideration. The diversification into software/IT services marks a notable pivot in business direction.