Detailed objects of ~60.83 lakh convertible warrants disclosed after NSE query
NSE sought clarity; Kiri Industries detailed objects for ~60.83 lakh convertible warrants: Rs. 50,00,00,000 working capital, Rs. 90,00,00,000 each to Indo Asia Copper and Indoasia Agrotech, Rs. 38,92,35,000 to Kiri Infrastructure.
By ScoutQuest · · 2 min read
- Convertible Warrants
- ~60.83 lakh convertible warrants
- Indo Asia Copper Allocation
- Rs. 90,00,00,000
- Utilisation Timeline
- within 24 months of receipt of funds
What was shared
Kiri Industries has put on record the detailed objects and category-wise utilisation of the proceeds of its preferential issue of ~60.83 lakh convertible warrants. Shareholders approved the issue at the 28th Annual General Meeting held on September 29, 2026. The clarification follows a letter dated October 16, 2026 from NSE, which said the objects stated in the AGM notice were vague and open-ended and asked for specific purposes and a corrected utilisation timeline.
How the proceeds are proposed to be used
- Rs. 50,00,00,000 for working capital — day-to-day operations, procurement of raw materials and goods, payment of trade creditors, employee costs and administrative expenses.
- Rs. 90,00,00,000 by way of loan and investment in securities to Indo Asia Copper Limited, to meet capital expenditure on its copper project.
- Rs. 90,00,00,000 by way of loan and investment in securities to Indoasia Agrotech Fertilizers Limited, to meet capital expenditure on its fertilisers project.
- Rs. 38,92,35,000 to Kiri Infrastructure Private Limited for capital expenditure on a captive jetty, desalination plant and conveyor system for use in connection with the copper and fertiliser projects.
- Rs. 20,00,00,000 for general corporate purposes, including repair and maintenance of the company's existing manufacturing facilities.
Timeline
The company clarified that the proceeds will be utilised within 24 months from the receipt of funds, correcting the earlier phrasing of "within 24 months from receipt of funds for the warrants".
Points on record
- Each object now carries a fixed amount, with one common 24-month utilisation window from receipt of funds.
- The allocations to Indo Asia Copper Limited, Indoasia Agrotech Fertilizers Limited and Kiri Infrastructure Private Limited are by way of loan and investment in securities to these group, subsidiary or associate companies.
- For general corporate purposes, the manner and proportion of spending is left to the Board's discretion, subject to applicable laws.
- The company also provided a direct access link to the PCS certificate hosted on its website.
What it means for a reader
The issue size remains ~60.83 lakh convertible warrants as approved by members. The update gives an amount-wise picture of where the warrant proceeds are intended to go and over what period, which is what someone tracking dilution and capital allocation would look at.
Also from Kiri Industries
Kiri Industries incorporates wholly owned subsidiary ANDEMINA SpA in Chile with CLP 100,000 paid-up capital
21 Oct 2026
More numbers
- Convertible warrants on preferential basis60,82,600
- Working capital requirements50,00,00,000
- Loan/investment in Indo Asia Copper Limited90,00,00,000
- Loan/investment in Indoasia Agrotech Fertilizers Limited90,00,00,000
- Loan/investment in Kiri Infrastructure Private Limited38,92,35,000
- General corporate purposes20,00,00,000
- Utilisation timeline from receipt of funds24 months
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