Kridhan Infra Limited has informed the Exchange regarding Corrigendum to Notice of Postal Ballot May 23, 2025
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Kridhan Infra Limited has issued a corrigendum to its May 23, 2025 postal ballot notice, making several key clarifications. The preferential issue is now confirmed as up to 10.27 crore warrants convertible into equity shares at ₹4.05 each (face value ₹2, premium ₹2.05), with the entire consideration received in cash only. Total estimated issue size is ₹41.60 crore, to be used for: ₹21.60 Cr for debt repayment, ₹10 Cr for investment in subsidiaries/associates/JVs, and ₹10 Cr for general corporate purposes (capped at 25%). Promoters Anil Dhanpatlal Agrawal and Kridhan Petrochemicals Pvt Ltd will subscribe, with a detailed list of 11 allottees and their post-issue holdings provided. The corrigendum clarifies there is no change in management control. E-voting runs from May 24, 2025 to June 22, 2025, and shareholders who have already voted can modify their votes by emailing the scrutinizer before June 22, 2025.
This is a clarification to an existing postal ballot, not a new proposal, so existing shareholders should review the revised allottee list and use-of-funds details before the June 22 deadline. The warrant-only structure (instead of equity shares and/or warrants) narrows dilution mechanics, and the explicit cap on promoter-related fund use may ease governance concerns.