Kiri promoters pay ₹75 Cr upfront for warrants that would lift their stake to 46.69%
60,82,600 warrants at ₹475 each — ₹288.92 Cr at full conversion, 26% received now. Promoter holding goes from 41.71% to 46.69% on a fully diluted basis.
₹288.92 Cr
60,82,600 warrants at ₹475 each
₹75.12 Cr
26% of issue price — ₹123.50 per warrant
41.71% → 46.69%
fully diluted, on full conversion
₹475
last close ₹500.20 (Nov 6)
SMALL-CAP
by market cap ≈ ₹3,260 Cr
60,82,600
9.33% of the existing 6,51,68,000 shares
On Saturday, November 7, the board of Kiri Industries allotted 60,82,600 warrants at ₹475 each to three members of the promoter family — the final step of a process that began with shareholders' approval on September 29 and cleared exchange in-principle approvals on November 2 and 3. The company has received 26% of the issue price upfront: ₹123.50 per warrant, aggregating ₹75,12,01,100 — i.e. ₹75.12 crore. Each warrant is convertible into one equity share; the in-principle approval covered 60,82,600 warrants convertible into 60,82,600 equity shares.
Two disclosures, one register change
Board allots 60,82,600 convertible warrants to the promoter group at ₹475
At its meeting on November 7, the board approved the allotment of 60,82,600 warrants at an issue price of ₹475, aggregating up to ₹288,92,35,000 — i.e. ₹288.92 crore — on a preferential basis by way of private placement to the promoters and members of the promoter group. The filing cites shareholders' approval dated September 29, 2026 and in-principle approvals from BSE (letter dated November 2) and NSE (November 3). The company received ₹123.50 per warrant — 26% of the issue price — aggregating ₹75.12 crore. Shares issued on conversion will rank pari passu with existing equity and be listed on BSE and NSE.
Read:The remaining 74% — ₹351.50 per warrant, roughly ₹213.80 crore in total — is payable only on exercise of the conversion rights. The ₹75.12 crore now in is about 2.3% of the company's ₹3,260 crore market capitalisation. The filing reached the exchange on a Saturday; the price series in this report ends with Friday's close, so the market has not yet traded on the allotment.
Allotment intimation, BSE filing, Nov 7, 2026SAST disclosure: promoter group at 46.69% of diluted capital after full conversion
A Regulation 29(2) disclosure under the SEBI Takeover Regulations was filed on behalf of acquirers Manishkumar P Kiri, Anupama Manishkumar Kiri and Hemil Manishkumar Kiri, with persons acting in concert including Arunaben Pravinbhai Kiri, Kiri Pravinbhai Amratlal HUF and Equinaire Chemtech LLP. Before the allotment the group held 2,71,84,275 shares — 41.71% of voting capital, 38.15% of diluted capital. The 60,82,600 warrants equal 9.33% of present capital and 8.54% of diluted capital. After the allotment the group's shares-plus-warrants position is 3,32,66,875 — 51.05% of present voting capital and 46.69% of the diluted base.
Read:The disclosure also sets out the capital math: equity capital of ₹65,16,80,000 across 6,51,68,000 shares of ₹10 today, rising to ₹71,25,06,000 across 7,12,50,600 shares if every warrant converts. That 7.13 crore diluted share count is the denominator behind the 46.69% figure.
Reg. 29(2) SAST disclosure, BSE filing, Nov 7, 2026The structure is standard for a preferential warrant issue: 26% of the money arrives at allotment, and the balance ₹351.50 per warrant arrives only if and when the holders exercise conversion. Until they do, the share count stays at 6,51,68,000 and the promoter group's voting stake stays at 41.71%. The 46.69% figure is the endpoint of full conversion, not today's register.
₹75.12 crore is in; the remaining ₹213.80 crore arrives only if and when the conversion rights are exercised at ₹475 a share.
₹123.50 per warrant received — 26% of the ₹475 issue price. Balance ₹351.50 per warrant payable on conversion. Source: allotment intimation, Nov 7, 2026.
A disclosed process, completed — with one exchange query along the way
Shareholders approve the preferential issue; the AGM is held and its outcome filed the same day. A corrigendum to the AGM notice's Item 4 explanatory statement had been filed on Sep 23.
NSE issues a requirement letter: the objects of the issue in the meeting notice were considered vague and open-ended under its guidance note, and the company is asked for detailed, specific objects and a utilisation timeline.
Company files the detailed objects of the 60,82,600-warrant issue in response (after market close; the next session, Oct 22, closed −1.4%).
BSE issues its in-principle approval letter; NSE's follows on Nov 3. The company intimates both on Nov 4 (session closed +0.0%).
Q2 FY27 results filed mid-session: consolidated net loss of ₹22.53 crore. The stock closes −6.5%. A CRISIL monitoring-agency report on preferential-issue warrant proceeds for the quarter ended Sep 30 is filed the same evening.
Board allots the warrants; ₹75.12 crore received. SAST disclosure filed an hour later.
Two things on that timeline are worth pausing on. First, the allotment was not a surprise — every step from the AGM notice onward was public, and the warrant quantum never changed from 60,82,600. Second, NSE made the company be specific about what the money is for: its October 16 letter said the objects stated in the meeting notice were considered vague and open-ended, and the company's October 21 response setting out detailed objects is linked in the sources below. Separately, the company files quarterly CRISIL monitoring-agency reports on the utilisation of preferential-issue warrant proceeds under Regulation 32(6) of the listing regulations read with Regulation 162A(4) of the ICDR regulations — which suggests the ₹75.12 crore received now will be subject to the same quarterly scrutiny.
₹475 against a stock that closed Friday at ₹500.20
The ₹475 issue price sits about 5% below Friday's ₹500.20 close and inside the band the stock traded through October, when session closes ranged from ₹469.05 to ₹564.10. On the wider frame, the last close is 35.8% below the 52-week adjusted high of ₹779 (January 1) and 49.9% above the 52-week low of ₹333.80 (March 30). The first session after the allotment will be the market's first chance to price it.
The operating backdrop makes the cash infusion notable. Q2 FY27, filed two days before the allotment, showed consolidated revenue of ₹298.55 crore — up roughly 40% from ₹213.44 crore a year earlier — but a pre-tax loss of ₹33.48 crore and a net loss of ₹22.53 crore (EPS −₹3.17); the stock fell 6.5% in that session before recovering 2.2% on Friday. The prior quarter's ₹290.70 crore consolidated net profit, for reference, came with total income of ₹598.29 crore against revenue of ₹312.36 crore — the gap between those two lines, not operations, is where that quarter's profit sits in the table. The promoters are putting cash in while the operating P&L is still in the red — the filings state the commitment; they do not state the thesis behind it.
The filings that move this forward
Conversion notices
Each exercise brings in ₹351.50 per warrant and adds shares to the register. Full conversion takes the share count to 7,12,50,600 and total proceeds to ₹288.92 crore. Watch allotment-of-equity filings.
Dec-quarter shareholding pattern
The Jun 30 pattern showed the promoter group at 41.71% with 2,71,84,275 shares. The next patterns will show whether and how fast the warrant position converts into the voting line.
Monitoring-agency reports
CRISIL's Nov 5 report monitored a separate, 2024-vintage preferential issue (₹492.02 crore), which was fully utilised with a nil unutilised balance as of Sep 30, 2026. The new ₹288.92 crore warrant issue is a distinct raise; the next development to watch is how the ₹75.12 crore received so far is deployed against the objects filed Oct 21.
Q3 FY27 results
Whether the consolidated pre-tax loss (₹33.48 crore in Q2 FY27) narrows as the ~40% revenue growth continues.
What the filings establish is specific: ₹75.12 crore of promoter cash has been received, a further ₹213.80 crore becomes payable only on conversion, and the promoter group's path runs from 41.71% of today's register to 46.69% of a fully diluted one. The commitment is cash-backed at ₹475 a share — set about 5% below the last traded close — and it lands in a half-year where the consolidated operating P&L is loss-making. What the proceeds fund is set out in the detailed-objects document the company filed on October 21 after NSE's query; that document, linked below, is the reference point against which the quarterly monitoring reports will be read.
For existing holders, the arithmetic is the story: full conversion grows the share count by 9.33%, the new shares rank pari passu, and the register shifts toward a promoter group holding 46.69% of diluted capital. The conversion filings — each one a cash payment and a share allotment — are the mechanism through which that endpoint either arrives or doesn't.
Informational and educational content only. Not investment advice.