Kissht parent OnEMI board approves Rs 832 crore preferential issue
Kissht plans to issue up to 26.49 million equity shares at Rs 314.11 apiece to 34 investors in the non-promoter category, according to an exchange filing on Thursday. The transaction is subject to shareholder and other statutory and regulatory approvals, the company said.
The board of OnEMI Technology Solutions approved a proposal to raise up to Rs 832 crore through a preferential issue of equity shares, following its listing on stock exchanges. The company aims to issue up to 26.49 million shares at Rs 314.11 per share to 34 investors, including Axis Mutual Fund, HDFC Mutual Fund, Groww Mutual Fund, and several others.
The investors are subject to shareholder and regulatory approvals. The issue price is about 13% lower than OnEMI's closing price of Rs 360 on the day of the proposal. The funds will be used for unspecified purposes, but the company raised Rs 926 crore through its initial public offering just a month prior. Since listing, OnEMI's revenue and profit have grown significantly, and assets under management have doubled. The preferential issue is set to be approved at an extraordinary general meeting on October 14.
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