KOTIC · price
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Awaiting price reaction for this filing.
Kothari Industrial Corporation has issued a corrigendum to its EGM notice (scheduled for June 13, 2025) regarding a preferential issue of equity shares to promoter and non-promoters, to be passed as a special resolution. The total shares will increase from around 9.37 crore to 10.74 crore post-issue. The funds raised (approximately Rs 99 crore) will be used mainly for investing Rs 37.27 crore in Phoenix Kothari Footwear Limited, Rs 10 crore each for setting up a drone factory, expanding the footwear business, and launching 65 new fertilizer products, Rs 20 crore for working capital and ongoing projects, and Rs 11.73 crore for general corporate purposes. Promoter shareholding will move from 47.23% to 47.58% after the issue.
Shareholders should review the revised shareholding pattern and use-of-funds details before the June 13 EGM, as this corrigendum now clarifies that the company is diversifying into drones and expanding into fertilizer products alongside its existing footwear business. The dilution is modest, and the preferential allotment signals confidence from promoters and select investors, though execution risk on new ventures (drone factory, fertilizers) remains a factor.