Kalind526935Board key decisions

Board withdraws proposed ~₹99 crore preferential issue; approves gems unit acquisition, in-principle ₹500 Crore fund-raise

Board meeting on Oct 31, 2026: five decisions.

By ScoutQuest · Sat 31 Oct 2026, 6:55 PM IST · 3 min read

100%Shareholding acquired in

Shareholding acquired in: 100%.

Preferential Issue Size: ~8.61 crore shares at ₹11.50 each (~₹99 crore)
Acquisition Cost: Rs. 1 crore (1 lakh shares), cash
Fund Raise Plan: up to ₹500 Crore

What the Board approved

Kalind Ltd (formerly Arunis Abode Ltd) held a Board meeting on October 31, 2026, from 6:00 P.M. to 6:35 P.M., and approved five items. Here is what each one says.

Preferential issue withdrawn

The Board had, on September 17, 2026, approved a preferential issue and allotment of up to ~8.61 crore equity shares at an issue price of ₹11.50 per equity share, aggregating ~₹99 crore. Shareholders approved it at the 32nd Annual General Meeting held on September 29, 2026, and the company had revised Application No. 279330 with BSE Limited for in-principle approval, which remained pending.

Reason given: prevailing market conditions and the unwillingness of the proposed allottees to proceed at the current issue price of ₹11.50 per equity share.
The Board decided to withdraw the proposed preferential issue and to withdraw the BSE application, authorising the Directors and/or Company Secretary to complete the formalities.

Acquisition of Kalind Gems & Diamonds Limited

Target: Kalind Gems & Diamonds Limited, an unlisted public limited company, to be a Domestic Wholly Owned Subsidiary.
Shareholding to be acquired: 100%, being 1 lakh equity shares.
Cost: Rs. 1 crore in cash, at face value of Rs. 10 per share.
This is a related party transaction, as the promoters have a substantial interest in and are also Directors of the target; the transaction is to be undertaken on an arm's length basis.
Target's financials: authorised capital 10,00,00,000, paid-up capital INR 10 lakh; turnover of 12,85,76,212 for the year ended 31.03.2026 and 17,47,953 for the period from 15 July 2024 to 31 March 2025.
Industry: gems, diamonds and allied business activities; presence in India.
Indicative timeline: acquisition formalities to be completed within 30 days from member's approval, and the acquisition is subject to completion of regulatory procedures, documentation and other formalities.

Fund-raising up to ₹500 Crore

The Board approved, in principle, a proposal to raise funds aggregating up to ₹500 Crore through one or more permissible modes, including equity shares on a rights basis, preferential issue, warrants convertible into equity shares, or any other permissible securities. This is subject to necessary approvals of the Board, Members, BSE Limited, SEBI and other regulatory or statutory authorities as applicable. Directors and/or the Company Secretary are authorised to explore suitable options and take the necessary steps.

Change in the objects clause

The Board approved altering and realigning the Main Object Clause under Clause III(A) of the Memorandum of Association. The proposed changes redraft some existing clauses and add one new clause covering:

renting, leasing and hiring earth-moving and construction machinery and industrial equipment, plus civil works, infrastructure and allied services;
real estate development, construction and property-related activities;
dealing in diamonds, precious and semi-precious stones, gemstones and diamond jewellery, in India and abroad.

The company's stated rationale is to align its objects with proposed business activities, emerging opportunities and future growth plans. These amendments require shareholder approval by way of a Special Resolution.

Postal ballot

The Board approved the Notice of Postal Ballot, along with the explanatory statement, to seek Members' approval through the requisite resolution(s).

Points a shareholder can track

The ~₹99 crore preferential issue does not proceed as approved; the fresh fund-raise of up to ₹500 Crore is an in-principle approval, with mode and terms to be decided.
The gems and diamonds acquisition and the objects clause change both move to shareholder approval, and the acquisition also needs a member's approval for the main object alteration, as stated in the update.

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