The Board of Directors of KRN Heat Exchanger and Refrigeration Limited approved the strategic decision to raise up to ₹500 Crore through a Qualified Institutions Placement (QIP) of equity shares. Additionally, the Board re-appointed Mr. Santosh Kumar Yadav as Chairman and Managing Director and Mrs. Anju Devi as Whole-time Director, both for a fresh term of five years starting May 9, 2026. Notice for an Extraordinary General Meeting (EGM) was also approved.
Strategic Fund Raising Through QIP
In a significant move to fuel growth, the Board of Directors has sanctioned the raising of funds through a Qualified Institutions Placement (QIP). The aggregate amount approved for issuance of equity shares is up to ₹500 Crore (Rupees Five Hundred Crore only). This issuance will adhere to the provisions of Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, or other applicable methods permitted by law, potentially including discounts or premiums to the market price.
Key Management Reappointments
The Board also approved the continuation of crucial leadership roles based on the recommendations of the Nomination and Remuneration Committee:
Re-appointment of Mr. Santosh Kumar Yadav:
- Position: Chairman and Managing Director.
- Term: Re-appointed for a term of 5 (five) years, effective from May 9, 2026.
- Profile Snapshot: Mr. Yadav is a Promoter with over 20 years of experience in manufacturing heat exchangers and refrigeration units. He is related to existing directors, being the brother of Mr. Manohar Lal (Non-Executive Director) and husband of Mrs. Anju Devi (Whole-time Director).
Re-appointment of Mrs. Anju Devi:
- Position: Whole-time Director.
- Term: Re-appointed for a term of 5 (five) years, effective from May 9, 2026.
- Profile Snapshot: Mrs. Devi is a Promoter and Whole-time Director with experience in Managing Human Resources and operations. She is the Spouse of Mr. Santosh Kumar Yadav and Sister-in-law of Mr. Manohar Lal.
Both re-appointments are subject to necessary approvals from the Members at the forthcoming General Meeting.
Extraordinary General Meeting Approval
To seek necessary shareholder approval for the aforementioned matters, the Board approved the convening of an Extra-Ordinary General Meeting (EGM) for the shareholders. The EGM is scheduled to be held on April 15, 2026, using video conferencing or other audio-visual means.
Furthermore, the trading window for dealing in the company’s securities, which was previously closed, will remain closed until Sunday, March 15, 2026, in compliance with Insider Trading Regulations.
Source: BSE
