Kamdhenu pays ₹8 crore to convert KVL warrants into equity shares
- Mergers & acquisitions
- Paints and coatings
Reviewed byRachit TripathiBlacklitt Research
Kamdhenu (NSE: KAMDHENU) paid ₹7.65 crore to Kamdhenu Ventures Limited (KVL) for conversion of 1,50,00,000 warrants into equity shares, it said in a filing on 31 Oct 2026. The payment is 75% of a total cost of ₹10.20 crore, with the remaining ₹2.55 crore paid at allotment of the warrants.
Key highlights
- Payment on conversion: ₹7.65 crore (75% of cost)
- Total cost: ₹10.20 crore for 1,50,00,000 shares
- Paid at warrant allotment: ₹2.55 crore (25%)
- Holding in KVL after allotment: 8.62%
- Allotment expected within 15 days
The payment in numbers
| Item | Detail |
|---|---|
| Paid to | Kamdhenu Ventures Limited (KVL) |
| Amount paid now | ₹7.65 crore, 75% of the cost |
| Paid at warrant allotment | ₹2.55 crore, 25% of the cost |
| Total cost of 1,50,00,000 shares | ₹10.20 crore |
| Issue price per warrant | ₹6.80 |
| Holding after allotment | 8.62% of KVL post-issue paid-up capital |
| Related party | Yes; KVL and Kamdhenu are part of the same transaction and the Promoter Group |
The warrant payment in the chain of filings
Kamdhenu paid ₹7.65 crore to KVL on 31 Oct 2026 for the balance 1,50,00,000 warrants, which the filing says is 75% of the amount due on conversion. The payment follows intimations of 21 Mar 2026 and 30 Mar 2026, which covered the allotment of 2,96,45,000 warrants and the conversion of 1,46,45,000 of them.
The total cost of ₹10.20 crore for 1,50,00,000 shares works out to ₹6.80 a share, the same as the issue price per warrant. With ₹2.55 crore paid at allotment, the full cost is paid in two instalments.
What KVL reports
KVL, incorporated on 19 Oct 2019, shows nil standalone turnover, as its paint business runs through its wholly owned subsidiary Kamdhenu Colour and Coatings Limited (KCCL). Consolidated turnover was ₹245.26 crore in FY26, ₹266.10 crore in FY25 and ₹291.71 crore in FY24, a fall of 7.8% in FY26.
Consolidated EBIDTA for FY26 was ₹9.48 crore, while standalone EBIDTA was negative at ₹88.11 lakh. KVL's paid-up equity capital is ₹32.90 crore against an authorised capital of ₹41.50 crore.
The company's stated reasons
The company describes the investment as a strategic investment in the paint business, which enables it to take part in the future growth of the Kamdhenu Group's paints and coatings business. Under the current business plan, funds KVL raises from the warrants are to be invested in KCCL for business expansion and new product lines.
What the KVL payment means for Kamdhenu's shareholders
The ₹7.65 crore payment is 0.8% of the ₹988 crore market value that Blacklitt's data gives for Kamdhenu at the 30 Oct 2026 close. The filing says allotment of the 1,50,00,000 shares is expected within 15 days, after which Kamdhenu's holding in KVL will be 8.62% of KVL's post-issue paid-up capital.
The filing does not say whether the shares had been allotted on the filing date, what return the company expects from the investment, or how KVL's negative standalone EBIDTA relates to its consolidated figure.
Filed with BSE on . Reference: Original filing (PDF)
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