Kiri Industries board approves warrants worth Rs 492-cr; shares gain 4%

Earlier, on October 14, Kiri Industries had said in a regulatory filing that the Company has received In-Principle approval from both the Stock Exchanges i.e., BSE and NSE

Shares of Dyes And Pigments company, Kiri Industries, jumped 3.98 per cent to hit the day's high of Rs 367.95 on the BSE during the intra-day deals on Tuesday. The northward move in the stock price came following the company's announcement that the Board of Directors of the company, at its meeting held today, has approved the allotment of 13,333,789 warrants at an issue price of Rs 369, aggregating up to Rs 492,01,68,141 on a preferential basis by way of a private placement, to the promoters and members of the promoter group.

"The Company has received Rs 188 per warrant i.e., 50.9485 per cent of the Warrants Issue price, aggregating to Rs 250,67,52,332," said Kiri Industries in a regulatory filing on the BSE.

Earlier, on October 14, Kiri Industries had said in a regulatory filing that the Company has received In-Principle approval from both the Stock Exchanges i.e., BSE and National Stock Exchange of India (NSE).

Kiri Industries (KIL) manufactures and exports Dyes, Intermediates, and Chemicals. The company is integrated and produces a wide range of products. KIL has received awards from CHEMEXCIL and GDMA for its performance. The company supplies textile dyes to various product lines, serving as a resource centre for textile dye requirements.

As of October 15, 2024, Kiri Industries commands a market capitalisation of Rs 1,891.69 crore on the BSE. The company is a constituent of the BSE Smallcap index.

At around 1:58 PM on Tuesday, Kiri Industries shares were quoted trading at Rs 366.90, up 3.69 per cent from its previous close of Rs 353.85 on the BSE. A combined total of nearly 3.88 lakh shares worth around Rs 14 crore exchanged hands on the BSE and NSE.

Historically, the smallcap stock has exhibited mixed performance over the past period. It has dropped nearly 5 per cent in the last one month while advancing 6.16 per cent in the last three months, 2.15 per cent in the last six months, and 34.21 per cent in the last one year. Kiri Industries shares have a 52-week range of Rs 453.90 - 264 on the BSE.

Meanwhile, the benchmark equity indices, BSE Sensex, and NSE Nifty 50 are trading lower on Tuesday. The Sensex was quoted trading 237.69 points or 0.29 per cent lower at 81,735.36, and Nifty50 at 25,044.25, down 83.70 points or 0.33 per cent.