KRN Heat Exchanger and Refrigeration Limited has informed the Exchange regarding Outcome of Board Meeting held on January 12, 2026.
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The board of KRN Heat Exchanger approved three key items on January 12, 2026. First, it modified the existing loan agreement with its wholly-owned subsidiary KRN HVAC, adding a clause allowing conversion of the outstanding unsecured loan of Rs. 99.94 crore (against a total sanctioned amount of Rs. 100 crore) into equity shares of the subsidiary at the lender's discretion. Second, it approved a fresh unsecured loan of Rs. 10 crore to another wholly-owned subsidiary, Thermotech Research Laboratory (TRL), at 12% per annum for up to 12 months to meet working capital needs, to be disbursed in tranches. Third, the board approved the KRN Employee Stock Option Plan 2026, enabling the grant of up to 6,00,000 stock options (exercisable into equity shares of Rs. 10 face value) to eligible employees, subject to shareholder approval and SEBI's ESOP rules. Both subsidiary loans are classified as related party transactions done at arm's length.
For shareholders, the KRN HVAC loan-to-equity conversion option signals potential restructuring of subsidiary finances rather than immediate cash recovery, while the new Rs. 10 crore loan to TRL is a routine working capital infusion. The ESOP plan may cause mild future dilution but is aimed at talent retention; overall, near-term impact on the stock is likely neutral.