Kiri Industries files Q4FY26 monitoring agency report on preferential issue proceeds

Kiri Industries submitted its monitoring agency report for the quarter ended March 31, 2026, to the stock exchanges on May 12, 2026. The report, filed pursuant to Regulation 32(6) of the SEBI (LODR) Regulations and Regulation 162A(4) of the SEBI (ICDR) Regulations, was issued by CRISIL Ratings Limited. It details the utilization of proceeds raised through the issuance of warrants convertible into equity shares on a preferential basis.

The preferential issue, which opened on September 27, 2024, and closed on October 15, 2024, had a total issue size of ₹492.02 crore. The company issued warrants at a price of ₹369 per share. As per the report, the company received proceeds of ₹398.88 crore from the issue upon allotment and conversion of fully convertible warrants up to the quarter ended March 31, 2026. The current market price per share as on April 15, 2026, stood at ₹424.

Utilization of Proceeds

The monitoring agency confirmed that the company has utilized ₹398.41 crore towards the objects of the issue. No proceeds were utilized during the quarter ended March 31, 2026. The remaining balance of ₹0.47 crore is lying in the preferential issue account and has been deployed in fixed deposits. The report noted that the remaining balance of ₹93.14 crore was expected to be received within 18 months from the date of allotment upon conversion of warrants, which the company confirmed receiving as per a stock exchange announcement dated April 11, 2026.

The following table summarizes the utilization of funds towards the specified objects:

Sr. No	Item Head	Amount Proposed (₹ in crore)	Amount Utilized (₹ in crore)	Unutilized Amount (₹ in crore)
1	Debt Repayment	125.00	122.35	2.65
2	Working Capital Requirements	150.02	147.77	2.25
3	Legal/ Professional Fees	50.00	37.08	12.92
4	Financial Assistance to group/subsidiary companies	117.00	70.00	47.00
5	General Corporate Purpose	50.00	21.21	28.79
Total		492.02	398.41	93.61

Deployment of Unutilized Proceeds

The unutilized proceeds totaling ₹0.47 crore have been temporarily deployed. A sum of ₹0.10 crore is invested in a fixed deposit account held with HDFC maturing on August 6, 2026, offering a return of 7.25%. The balance of ₹0.37 crore is maintained in the preferential issue account. The monitoring agency confirmed that there were no deviations from the objects of the issue and that all utilization was in line with the disclosures in the offer document. The report was signed by Shounak Chakravarty, Director, Ratings (LCG) at CRISIL Ratings Limited, and the company secretary Suresh Gondalia filed the submission on behalf of Kiri Industries.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.25%	-9.72%	-2.62%	-25.80%	-38.89%	-15.44%

Kiri Industries has announced that its wholly-owned subsidiary Equinaire Holdings Limited has executed an Assignment Agreement with Maharlika Investment Corporation (MIC) to acquire a loan extended to Makilala Mining Company, Inc. (MMCI) for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project located in Pasil, Kalinga, Philippines. The agreement was executed on April 27, 2026, and disclosed under Regulation 30 dated April 28, 2026.

Transaction Details

Parameter	Details
Assignee	Equinaire Holdings Limited (Wholly Owned Subsidiary)
Assignor/Lender	Maharlika Investment Corporation (Philippines' sovereign wealth fund)
Borrower	Makilala Mining Company, Inc.
Loan Amount	USD 9,764,090.63 (outstanding as on date)
Project	Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project
Location	Pasil, Kalinga, Philippines
Upfront Deposit	USD 5,000,000
Balance Payment	Payable on Closing Date

Payment Terms and Closing

The assignment is structured on an "as-is, where-is" and without recourse basis, including the transfer of rights to receive principal, interest, and other dues. The closing is expected within 7 business days after expiry of 60 days from the date of execution of the agreement or earlier if agreed between the parties. The assignment will be effective subject to due diligence, expiry of prepayment period, and other customary conditions.

Strategic Rationale

The acquisition of this loan represents a precursor transaction designed to enable the group to benefit from off-take arrangements, ensuring preferential supply of copper ore/concentrate from Makilala Mining Company, Inc. for its upcoming copper facility being developed by Indo Asia Copper Limited. The group's entry into the upstream copper supply chain is anticipated to strengthen access to critical raw materials, thereby ensuring a stable and long-term uninterrupted supply of copper, an essential natural resource vital for meeting the country's growing demand.

Project Scope

The MCB Copper-Gold Project focuses on the extraction of two key metals:

Copper extraction operations
Gold mining activities

The Philippines location indicates the company's expansion into international markets for its mining operations, extending its geographical presence beyond traditional operational areas. Maharlika Investment Corporation, the assignor, is the Philippines' sovereign wealth fund owned and controlled by the Government of the Republic of the Philippines.