KUKuber Udyog539408Preferential allotment

Board approves preferential allotment of ~7.63 crore equity shares and 37,00,000 convertible warrants

~7.63 crore equity shares for consideration other than cash — a share swap for 100% of Golden Ikon Fleet Management; purchase consideration ~Rs.

By ScoutQuest · Wed 28 Oct 2026, 11:52 AM IST · 3 min read

Issue price per share/warrant

Rs. 23.10 each

Share swap for Golden Ikon Fleet Management

~7.63 crore equity shares; purchase consideration ~Rs. 176.23 crore; Rs. 66,500 paid in cash

Convertible warrants

37,00,000 warrants; Rs. 2,13,67,500 (25%) received; convertible within 18 months

The board of Kuber Udyog Ltd met on October 28, 2026 and approved three separate preferential allotments. All three are priced at Rs. 23.10 per equity share of face value Rs. 10 each; for the warrants the premium is Rs. 13.10 per share on conversion.

Part one — shares issued for a business, not for cash

• ~7.63 crore equity shares are to be allotted to Mr. Manav Bahri (3,81,42,500), Mr. Dinesh Popli (1,90,71,250) and Mr. Ajay Dutta (1,90,71,250) for consideration other than cash.
• These shares are the purchase consideration for 95 lakh equity shares of Golden Ikon Fleet Management Private Limited, being 100% of its paid-up equity capital. The three sellers hold 50%, 25% and 25% respectively.
• The consideration is stated at ~Rs. 176.23 crore, excluding applicable duties, levies and taxes. A differential of Rs. 66,500 is to be paid in cash to the proposed allottees.
• After the acquisition, Golden Ikon Fleet Management Private Limited becomes a wholly owned subsidiary of Kuber Udyog.

Part two — equity shares for cash

• 3,95,50,000 equity shares at Rs. 23.10 each are to be allotted to 16 investors, all persons other than promoters.
• The larger allottees are Green Horizon Fund PCC - Cell 1 (74,02,620 shares), Altitude Investment Fund PCC - Cell 1 (73,59,300), Minerva Ventures Fund (38,44,150) and Al Maha Investment Fund PCC - Onyx Strategy (38,44,150).
• The list also includes Tradewin Global Fund PCC - Cell 1 (34,63,200), Prudent Equity ACE Fund I (34,63,200), Norocos Opportunities Fund PCC - II Cell A (33,53,250), Nimesh S Joshi (33,53,250) and Prudent Equity Private Limited (30,30,300), followed by smaller individual holdings.

Part three — convertible warrants

• 37,00,000 fully convertible equity warrants at Rs. 23.10 each, to 7 investors, again persons other than promoters.
• Each warrant converts into 1 equity share of face value Rs. 10, fully paid, at a premium of Rs. 13.10 per share.
• The company has received Rs. 2,13,67,500, being 25% of the total issue price of Rs. 8,54,70,000. The balance is payable when the warrants are converted.
• Conversion can be exercised at any time within 18 months from the date of allotment, in one or more tranches.
• The warrant holders are Manav Bahri (4,50,000), Dinesh Popli (2,25,000), Ajay Dutta (2,25,000), Trimudra Trade and Holdings Pvt Ltd (3,00,000), Altitude Investment Fund PCC - Cell 1 (10,00,000), Norocos Opportunities Fund PCC - II Cell A (7,50,000) and Dhruvil Nimesh Joshi (7,50,000).

How to read this

• All three tranches are approved at the same price of Rs. 23.10, whether shares are being given for a business or for cash.
• The first tranche adds no cash to the company. It brings in a wholly owned subsidiary instead, and the sellers of that business become shareholders of Kuber Udyog.
• The second and third tranches bring in cash: the equity leg at Rs. 23.10 per share on allotment, and the warrants in two parts — 25% now and the balance on conversion.
• The warrants are a future claim on shares. Each of the 37,00,000 warrants can become one equity share within 18 months, so the actual share count will rise further if they are converted.
• The update is an allotment decision of the board. The shareholding pattern and share capital will change once these shares are allotted.

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