Kirloskar Industries Limited announced a private placement of issuance of up to 1,200,000 convertible warrants on February 11, 2023. The transaction will include participation from Atul Kirloskar and Rahul Kirloskar, promoters of the company. The company will issue the warrants through preferential allotment.

The warrants will be convertible into one common share of the company at INR 61 per share and will mature in 18 months from the date of the allotment. The company will receive 25% of the total amount, which is INR 103,572,190, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. The transaction has been approved by the board of directors of the company.

The transaction is subject to approval from the shareholders of the company.