KOTIC · price
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Awaiting price reaction for this filing.
Kothari Industrial Corporation Ltd (KICL) has received in-principle approval from BSE under Regulation 28(1) of SEBI LODR Regulations, 2015 for issuing 1,36,37,600 equity shares on a preferential basis. The shares have a face value of Rs. 5 each and will be allotted at Rs. 72.60 per share, which includes a premium of Rs. 67.60 per share. The shares are proposed to be issued to both Promoters and Non-Promoters. This is only the stock exchange's in-principle approval, not a final listing approval, and the company must still comply with Companies Act 2013, SEBI ICDR Regulations, and other applicable rules before allotment.
The preferential allotment will lead to dilution of existing shareholders as new equity shares are issued to promoters and non-promoters at Rs. 72.60 per share. The significant premium over face value (Rs. 67.60) is positive for the company as it raises capital at a healthy price, but shareholders should monitor allotment details and post-issue shareholding changes.