The Board of Directors of KRN Heat Exchanger and Refrigeration Limited approved raising up to ₹500 Crore through a Qualified Institutions Placement (QIP) of equity shares. Furthermore, the Board approved the re-appointment of Mr. Santosh Kumar Yadav as Chairman and Managing Director, and Mrs. Anju Devi as Whole-time Director, both for a further term of five years starting May 9, 2026. An Extraordinary General Meeting (EGM) has been called for April 15, 2026, to seek shareholder approval for these key proposals.
Major Fundraising Initiative Approved
The Board of Directors of KRN Heat Exchanger and Refrigeration Limited, following its meeting on March 13, 2026, has given in-principle approval for a significant capital raise. The company plans to raise funds through a Qualified Institutions Placement (“QIP”) by issuing equity shares.
- The aggregate amount sanctioned for the issuance is up to ₹ 500 Crore (Rupees Five Hundred Crore only).
- This issuance will adhere to the requirements of the Issue of Capital and Disclosure Requirements Regulations, 2018, and other applicable laws.
- The final terms, including the issue price (which may involve a discount or premium to the market price), will be determined by the Board at its absolute discretion, subject to necessary regulatory and shareholder approvals.
Key Management Re-appointments
The Board also approved the continuation of leadership roles following recommendations from the Nomination and Remuneration Committee and the Audit Committee.
Re-appointment of Chairman and Managing Director
Mr. Santosh Kumar Yadav (DIN: 07789940) was re-appointed as the Chairman and Managing Director of the Company.
- The term of re-appointment is for five (5) years, effective from May 9, 2026.
- Mr. Yadav is confirmed to have no regulatory debarment preventing him from holding the office.
- He is noted as the Promoter and possesses over 20 years of experience in manufacturing heat exchangers and refrigeration units.
- The disclosure notes relationships: he is the brother of Mr. Manohar Lal (Non-Executive Director) and husband of Mrs. Anju Devi (Whole-time Director).
Re-appointment of Whole-time Director
Mrs. Anju Devi (DIN: 06858442) was re-appointed as a Whole-time Director.
- This re-appointment is also for a term of five (5) years, commencing on May 9, 2026.
- Mrs. Devi is confirmed as not debarred from directorship.
- She is noted as the Promoter and has experience in Managing Human Resources and operations.
- She is the Spouse of Mr. Santosh Kumar Yadav and Sister-in-law of Mr. Manohar Lal.
Extra-Ordinary General Meeting (EGM) Called
To secure the requisite member approvals for the proposed re-appointments and the QIP plan, the Board approved convening an Extra-Ordinary General Meeting (EGM).
- The EGM is scheduled for April 15, 2026.
- The meeting will be conducted via video conferencing or other audio-visual means.
The Trading Window for dealing in the Company’s securities, which was closed per SEBI PIT Regulations, 2015, will remain closed until Sunday, March 15, 2026.
Source: BSE
