KRN Heat Exchanger and Refrigeration Limited has informed the Exchange regarding Change in Director(s) of the company.
KRN · price
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The board of KRN Heat Exchanger and Refrigeration approved raising up to ₹500 crore through a Qualified Institutions Placement (QIP) of equity shares, subject to shareholder and regulatory approvals. It also re-appointed Mr. Santosh Kumar Yadav as Chairman and Managing Director and Mrs. Anju Devi as Whole-time Director, both for a fresh 5-year term starting May 9, 2026. Both re-appointees are promoters and are related to each other (husband-wife), and are also connected to Mr. Manohar Lal, a Non-Executive Director. An Extra-Ordinary General Meeting has been scheduled for April 15, 2026 to seek shareholder approval for these matters. The trading window for dealing in company securities remains closed until March 15, 2026.
The proposed ₹500 crore QIP could lead to equity dilution for existing shareholders depending on the issue price and number of shares allotted. The re-appointments lock in the promoter family's continued control and leadership of the company for another 5 years, which existing shareholders will need to approve at the upcoming EGM.