OnEMI's ₹832 crore preferential issue clears exchange approval; new investors would hold 13.6% post-issue

Sixteen minutes past midnight on October 20, OnEMI Technology Solutions — the company behind the Kissht platform, listed as KISSHT — received in-principle approval from NSE and BSE for a preferential issue of up to 2,64,93,882 equity shares at ₹314.11 each, an amount the filing spells out as INR 8,32,19,93,275.02 — that is, up to ₹832.20 crore. The allottees are described in the filings as identified investors in the non-promoter category. Set against a market capitalisation of roughly ₹5,774 crore (16.85 crore shares at the October 19 close of ₹342.70), the raise equals about 14.4% of the company's current value — and because every share goes to non-promoters, existing holders are looking at measurable dilution. The approval itself is conditional on steps that still lie ahead, including filing the listing application once shares are allotted. This report lays out the mechanics, the math, and what remains before the shares actually list.

The NSE approval letter is worth reading for its conditions. The clearance is granted subject to the company filing the listing application "at the earliest" after allotment, receiving statutory approvals from SEBI, RBI, MCA and other authorities, and complying with the Listing Regulations and the Companies Act as on the date of listing. The exchange also directs the company to obtain an undertaking from the allottees that they will not trade intra-day or sell the company's stock until the allotment date, with the onus of verifying this placed squarely on the issuer under Regulation 167(6) of the ICDR Regulations — and it reserves the right to withdraw the approval if the information submitted turns out to be incomplete or incorrect. In short: the gate is open, but the walk through it is still conditional.

The headline numbers: the share count expands 15.7%, the new investors end up with 13.59% of the enlarged company, and the promoter stake — 24.80% as of June 30, 2026, unchanged across the two shareholding snapshots on record — slides to roughly 21.43% without the promoters selling a single share. The ₹832.20 crore coming in equals about 14.4% of the current market capitalisation, priced at an 8.3% discount to the October 19 close of ₹342.70. The 34 allottees are named in the filings — Axis Mutual Fund (three schemes), HDFC Mutual Fund (two schemes), Massachusetts Institute of Technology, 360 One, Ashoka WhiteOak, Groww Mutual Fund, Bandhan Mutual Fund, Citigroup Global Markets Hong Kong and Unity Small Finance Bank among them — and the press release states that 75% of the proceeds will go to subsidiary Si Creva Capital Services and 25% to general corporate purposes.

The price context matters for how the ₹314.11 issue price reads. From a close of ₹293.50 on August 10, the stock climbed through the entire approval process — it was at ₹359.95 when the board approved the issue, touched its 52-week high of ₹388.15 on October 5, and closed as high as ₹383.10 on October 6. Since then it has cooled for most of October, ending at ₹342.70 on October 19 — down 11.7% from the 52-week high but still up 16.8% from the August 10 close. The stock has not closed below the issue price since September 7. The two sessions that followed the issue's key filings were both modestly negative (−1.0% and −2.7%), which suggests the market absorbed the dilution news without repricing the stock sharply — the subsequent run to the 52-week high happened with the issue fully disclosed.

The reported base the new capital lands on: Q1 FY27 consolidated revenue of ₹669.50 crore, net profit of ₹95.08 crore and an operating margin just under 31%, with ₹81.88 crore of interest expense sitting in the consolidated numbers. A provisional business update for the September quarter was filed on October 3, with full Q2 results to follow — the trading window has been closed since October 1 pending them. One more item from the window deserves a line: on September 30 the company disclosed that Si Creva Capital Services, its wholly owned subsidiary, received a show cause notice dated September 29 from the Maharashtra GST department under Section 73(1) of the MGST Act for FY2022-23. The company stated it firmly believes the notice has no merits, that Si Creva will defend its case before the adjudicating authorities, and that no material financial impact on the company or Si Creva is expected.