Outcome of Board Meeting held for approval of SPA, Preferential issue and EGM related matters
Awaiting price reaction for this filing.
The board of Krishna Capital and Securities Ltd approved a major change of control deal. Existing promoters will sell up to 13,53,892 equity shares (42.87% stake) to two new acquirers — Mr. Ashu Jagmalaram Bishnoi and Mr. Yagnik Bharatkumar Tank — at Rs. 20 per share, giving the acquirers control of the company. This triggers a mandatory open offer to public shareholders under SEBI takeover rules. Alongside this, the board approved a preferential allotment of up to 3 crore equity shares at Rs. 20 per share, raising about Rs. 60 crore from 5 allottees, with the two acquirers together getting 2.35 crore shares. Post-issue, the two acquirers will hold roughly 71% of the expanded share capital. To accommodate this, authorized share capital is being raised from Rs. 4 crore to Rs. 34 crore. An EGM has been fixed for April 25, 2026 to seek shareholder approval, and Mr. Vinodkumar Singh was appointed as an additional executive director.
This is a complete takeover of the company — expect an open offer to public shareholders soon at a SEBI-mandated price, a likely board reconstitution, and possible sharp moves in the stock as control shifts to new promoters.