KUKuber Udyog539408Preferential allotment

Board approves ~7.63 crore shares for Golden Ikon buy, 3,95,50,000 cash shares and 37,00,000 warrants

~7.63 crore equity shares to the three sellers of Golden Ikon Fleet Management as non-cash consideration.

By ScoutQuest · Wed 28 Oct 2026, 11:55 AM IST · 2 min read

Issue Price

Rs. 23.10/- per share or warrant

Golden Ikon Purchase Consideration

~Rs. 176.23 crore for 95 lakh shares

Preferential Allotment Details

~7.63 crore equity shares (non-cash); 3,95,50,000 equity shares for cash; 37,00,000 convertible warrants (18 months)

Preferential allotments approved by the board

The board of Kuber Udyog Limited, at its meeting held on Wednesday, October 28, 2026, approved three separate preferential allotments. All three are priced at Rs. 23.10/- per share or per warrant.

• Shares issued to the sellers of Golden Ikon:

~7.63 crore equity shares were allotted to Mr. Manav Bahri, Mr. Dinesh Popli and Mr. Ajay Dutta for consideration other than cash. This is the price being paid to them for the Golden Ikon shares they hold.

• What the company is buying:

95 lakh equity shares of Golden Ikon Fleet Management Private Limited, representing the entire paid-up equity share capital of that company, for a purchase consideration of ~Rs. 176.23 crore, excluding applicable duties, levies and taxes. A differential amount is to be paid in cash to the proposed allottees. After the acquisition, Golden Ikon becomes a wholly owned subsidiary of Kuber Udyog.

• Cash shares:

3,95,50,000 equity shares were allotted on a preferential basis to persons other than promoters. The allottees are a mix of funds and individual investors, including Green Horizon Fund PCC - Cell 1, Altitude Investment Fund PCC - Cell 1, Minerva Ventures Fund, Al Maha Investment Fund PCC - Onyx Strategy, Tradewin Global Fund PCC - Cell 1, Prudent Equity ACE Fund and Norocos Opportunities Fund PCC - Cell A, among others.

• Warrants:

37,00,000 fully convertible equity warrants were allotted at Rs. 23.10/- per warrant, an aggregate of Rs. 8,54,70,000/-. Each warrant is convertible into an equity share, and conversion can be exercised at any time within 18 months from the date of allotment, in one or more tranches. A part of the consideration is paid at application and the balance at the time of conversion.

What this does to the share count

• The ~7.63 crore shares are issued for a business, not for cash.
• The 3,95,50,000 shares are issued for cash at Rs. 23.10/- per share.
• The 37,00,000 warrants add equity shares only when they are converted, within the 18-month window.

All three add to the total number of shares in issue, so every existing shareholder holds a smaller slice of the company once these shares are allotted. The warrants would add a further set of shares later if converted.

Points a retail investor may want to track

• Completion of the Golden Ikon acquisition and its position as a wholly owned subsidiary.
• Conversion of the warrants, which would bring in the balance consideration and add to the share count.
• The names on the allottee lists, which show which funds and individuals are coming in as shareholders.

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