Kanel Industries

Kanel Industries' board approved a rights issue of 42,52,500 equity shares at Rs39.95 each to raise Rs16.99 crore. The board set November 13, 2026 as the record date for the 54-for-10 entitlement and set the subscription period from November 23 to November 30, 2026. The company reported nil revenue from operations from FY23 through FY26 and total income of about Rs0.03 crore in FY26. Total assets stood at Rs15.70 crore in March 2026, dominated by revalued freehold land of Rs14.60 crore and an office building. Promoter Ardent Avenues held 95% of the shares, with the ISIN remaining suspended pending corporate action.

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Kanel Industries scheduled a board meeting for 30 October 2026 to approve terms of a proposed rights issue, including the number of shares, issue price, entitlement ratio and payment terms, along with the record date and issue timing. The company closed its trading window from 27 October 2026 until 48 hours after the meeting concluded. The company reported nil revenue from operations from FY23 through FY26, with total income of about Rs0.03 crore in FY26. Total assets stood at Rs15.70 crore in March 2026, dominated by revalued freehold land of Rs14.60 crore and an office building. Promoter holding stood at 95%, with a 5% public float, and the company reported a loss of Rs47.93 lakh in FY26.

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Kanel Industries Ltd's board approved a rights issue to raise up to ₹17 crore, to be offered to eligible shareholders on a record date to be decided later. The terms of the issue, including the price and entitlement ratio, will be finalised by the board or a rights issue committee. The company also appointed Ms Pooja Khakhi as an independent director, replacing Ms Jasmin Doshi, who resigned citing other preoccupations and a change in management control.

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July 30 (Reuters) - Kanel Industries Ltd KAIN.BO:

• KANEL INDUSTRIES - TO RAISE UP TO 170 MILLION RUPEES VIA RIGHTS ISSUE

Source text: ID:nBSE2yGzsp

Further company coverage: KAIN.BO

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