Kiri Industries Limited has closed the trading window for dealing in its equity shares for insiders with effect from October 1, 2026. The closure remains in force until 48 hours after the declaration of financial results for the quarter and half-year ending September 30, 2026.

This action is taken in compliance with the company's Code of Conduct for Prevention of Insider Trading and SEBI (Prohibition of Insider Trading) Regulations, 2015. The restriction applies to all designated persons within the organization during this blackout period.

Compliance Details

The company notified both BSE Limited and National Stock Exchange of India Limited regarding the window closure. The intimation was signed by Suresh Gondalia, Company Secretary, on September 30, 2026.

Kiri Industries subsidiary Equinaire Holdings Limited (EHL) has acquired a 40% stake in Makilala Mining Company, Inc. (MMCI) for $5.01 million through a public auction held on September 8, 2026.

Strategic entry into Philippine copper-gold mining

The acquisition gives EHL a significant minority interest in MMCI, which holds the Maalinao-Caigutan-Biyog copper-gold project in Kalinga, Philippines. The deal is positioned to enhance Kiri Industries' copper value chain through direct exposure to upstream mining assets and secure raw material supply for its greenfield copper project developed by step-down subsidiary Indo Asia Copper Limited.

EHL was declared the successful bidder after enforcing security rights under an Omnibus Loan and Security Agreement (OLSA) following events of default by the original parties. The transaction was executed via a Deed of Absolute Sale between Makilala Holding Limited (acting through EHL as attorney-in-fact) and EHL.

Deal snapshot

The key parameters of the transaction are outlined below:

Copper value chain expansion

The investment in Makilala Mining represents a move by Kiri Industries to integrate upstream mining into its operations. By holding a 40% interest through EHL, the company gains exposure to a copper-gold resource base in the Philippines, which is intended to support and enhance its existing copper value chain.

MMCI holds a Mineral Production Sharing Agreement covering approximately 2,500 hectares for an initial term of 25 years, renewable for another 25 years. The target entity has not yet commenced mining operations or generated operational revenue.

Transaction background

EHL acquired rights under the OLSA from Maharlika Investment Corporation via an Assignment Agreement dated April 22, 2026, effective May 21, 2026. The auction was conducted as part of enforcement actions following continuing events of default. Legal title over 30 million shares in MMCI was previously transferred from Makilala Holding Limited to Sodor, Inc. in 2025.

Regulatory approvals including tax clearances and corporate registration formalities with the Philippine Bureau of Internal Revenue are pending. The acquisition process is expected to complete within 15-25 working days, subject to regulatory workload.