Allotment of 3100000 equity shares to promoter group upon conversion of Warrants
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The Board of Kinetic Engineering Ltd, at its meeting on 11 March 2026, approved the allotment of 31,00,000 equity shares (face value Rs.10 each) to its promoter group upon conversion of warrants. The shares were issued at a premium of Rs.161 per share, taking the total issue price to Rs.171 per share, aggregating to about Rs.39.76 crore. Allottees include Arun Hastimal Firodia (1,50,000 shares), Jayashree Firodia Trust (15,50,000 shares), and Arun Firodia Trust (14,00,000 shares). This is a preferential allotment carried out under the Companies Act 2013 and SEBI ICDR Regulations. After this conversion, around 48.73 lakh warrants are still pending conversion by the promoter group.
The promoter group is increasing its stake by exercising warrants, which signals promoter confidence in the company. However, this results in equity dilution for existing public shareholders, and the market may react to the increase in promoter holding.