Kiri Industries allots warrants to promoters for ₹75 crore upfront
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Reviewed byRachit TripathiBlacklitt Research
Kiri Industries (NSE: KIRIINDUS) has allotted 60,82,600 warrants at ₹475 each to promoters and promoter group members on a preferential basis, aggregating up to ₹288.92 crore, it said in a filing on 07 Nov 2026. The company has received ₹75.12 crore, or 26.0% of the issue price, so far.
Key highlights
- Warrants allotted: 60,82,600 at ₹475 each
- Aggregate issue amount: up to ₹288.92 crore
- Amount received: ₹75.12 crore, 26.0% of issue price
- Promoter shareholding after conversion: 46.69% fully diluted
The allotment in numbers
| Item | Detail |
|---|---|
| Allottees | Manishkumar P Kiri, Anupama and Hemil Manishkumar Kiri, all promoters or in the Manishkumar Kiri Group |
| Warrants allotted | 60,82,600 |
| Issue price | ₹475 per warrant |
| Received per warrant | ₹123.50, which is 26.00% of the issue price |
| Total received | ₹75.12 crore |
| Aggregate issue amount | Up to ₹288.92 crore |
| Promoter holding after conversion | 46.69% of equity share capital, fully diluted |
How the warrants are split among the allottees
Hemil Manishkumar Kiri is allotted the largest block, 30,27,500 warrants, for which he pays ₹37.39 crore. Manishkumar P Kiri is allotted 20,27,600 warrants and pays ₹25.04 crore, and Anupama is allotted 10,27,500 warrants and pays ₹12.69 crore.
Each allottee pays the same ₹123.50 per warrant, so the split of the amount received follows the number of warrants each holds.
What is paid now and what remains
The company says it has received ₹123.50 per warrant, which is 26.00% of the ₹475 issue price. On the aggregate of up to ₹288.92 crore, the amount still to be paid works out to ₹213.80 crore.
The filing says warrant holders pay the balance on exercise of their conversion rights, and that the company will then issue equity shares ranking pari passu with existing shares.
Dilution and the promoter stake after conversion
The filing says that after all 60,82,600 warrants are converted, promoters and the promoter group will hold 46.69% of the total equity share capital on a fully diluted basis.
The aggregate amount of up to ₹288.92 crore is about 8.9% of Kiri Industries' market value of ₹3,260 crore at the 06 Nov 2026 close of ₹500.20 a share, according to Blacklitt's data.
What the allotment means for Kiri Industries' shareholders
The allotment gives promoters 60,82,600 warrants that convert into equity shares when the balance is paid, and the filing says the shares will be listed on BSE and NSE. The company has received ₹75.12 crore so far.
Not stated: the reason for the preferential issue, how the proceeds will be used, the timeline for exercise and payment of the balance, and the promoter shareholding before the allotment. The next step is conversion of the warrants, for which the filing gives no date.
Filed with BSE on . Reference: Original filing (PDF)
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