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Kanel Industries Limited has sent a Postal Ballot notice to shareholders seeking approval (via Special Resolution) to raise capital through a Qualified Institutions Placement (QIP). The company proposes to issue and allot up to 42,50,000 equity shares of face value Rs. 10 each, in one or more tranches, to Qualified Institutional Buyers (QIBs). The issue price will not be less than the floor price calculated under SEBI ICDR Regulations, with the Board allowed a discount of up to 5%. The remote e-voting period runs from Tuesday, June 09, 2026 (9:00 AM IST) to Wednesday, July 08, 2026 (5:00 PM IST), and results will be declared on or before July 10, 2026. The cut-off date to be eligible to vote is Friday, June 05, 2026. Allotment must be completed within 365 days, allottees face a 1-year lock-in, no shares will go to promoters, and there will be no change in control. Voting is electronic only (via Purva Sharegistry), with Mr. Malay Desai appointed as Scrutinizer.
If shareholders approve, up to 42.5 lakh new shares will be issued to institutional investors, diluting existing shareholders' ownership. Actual dilution will depend on the floor price at the time of placement and how many shares are actually allotted. Existing shareholders should cast their e-vote between June 09 and July 08, 2026 — if they don't, it will be treated as no vote received.