Corporate Action23 Sept 2026, 07:20 pm
Kirloskar Electric Allots ₹40 Cr Equity to Promoter Group
AI Summary
Kirloskar Electric Company Ltd announced the outcome of its board meeting held on September 23, 2026. The board approved the preferential allotment of 34,68,007 equity shares at ₹115.34 per share to Kirloskar Power Equipments Limited (KPEL), a promoter group entity, aggregating to ₹39,99,99,927.38. This allotment will increase KPEL's shareholding to 6.60%. Additionally, the board approved the closure of the Master Restructuring Agreement (MRA) dated June 30, 2015, with Bank of India and its consortium banks, marking a successful exit from the arrangement with no negative impact on the company.
Key Highlights
- Preferential allotment of 34.68 lakh equity shares to promoter group.
- Issue price fixed at ₹115.34 per share, raising ₹40 crore.
- Promoter group's stake to increase to 6.60% post-allotment.
- Board approved closure of Master Restructuring Agreement with Bank of India.
- Closure of MRA marks successful exit with no negative impact.
Price Impact
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