Knowledge Marine & Engineering Works Limited (KMEW) has issued a corrigendum to its Extraordinary General Meeting (EGM) notice, providing additional details on its proposed preferential issue of equity shares and convertible warrants. The move comes in response to requests for clarification from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Fund Utilization Plan

The corrigendum outlines a comprehensive fund utilization plan totaling Rs. 284.81 crore, to be implemented over a three-year period:

Pricing and Valuation

The issue price for the preferential allotment has been set at Rs. 1,900.00 per equity share and convertible warrant. This price is above the floor price of Rs. 1,861.13, as determined by an independent registered valuer, CA Bhavesh Mansukhbhai Rathod.

Allotment Details

The preferential issue includes allotments to several investors:

• Infinity Direct Holdings: 4,64,210 shares (3.77% post-issue)
• Infinity Direct Capital: 5,46,316 shares (4.44% post-issue)
• Infinity Partners II-Direct: 2,52,632 shares (2.05% post-issue)
• Ashish Kacholia: 3,52,632 shares (2.87% post-issue)
• Vimana Capital Management LLP: 1,61,764 shares (1.32% post-issue)
• Suryashakti Management Services Private Limited: 52,632 shares (0.43% post-issue)
• Sujay Kewalramani: 85,871 shares (0.70% post-issue, assuming full conversion of warrants)

Impact on Shareholding

Post-issue, the promoter shareholding is expected to decrease from 60.69% to 53.93%, while public shareholding will increase from 39.31% to 46.07%.

Compliance and Transparency

KMEW has emphasized its commitment to compliance with all applicable laws and regulations, including SEBI ICDR Regulations. The company has made the corrigendum available on its website and those of the stock exchanges for transparency.

The EGM is scheduled for October 09, 2025, where shareholders will vote on the proposed preferential issue. This capital raise is expected to significantly bolster KMEW's financial position, enabling the company to pursue its growth strategies in the marine engineering sector.

Knowledge Marine & Engineering Works Limited (KMEW), a prominent player in the marine engineering sector, has announced a significant new contract win. The company has secured a work order valued at ₹91.85 lakh from the Deendayal Port Authority (DPA), further solidifying its position in India's maritime infrastructure industry.

Contract Details

The newly awarded contract involves the "Excavation/Cutting in Water Front Area at Roll-on/Roll-off (Ro-Ro) facilities for Handling Over Dimensional Cargo (ODC Cargo) at Bunder Basin." This project is set to be executed over a four-month period and carries a total value of ₹91,85,120, inclusive of GST.

Scope of Work

The work order encompasses several key activities:

• Dredging and excavation in the water front area near the South Wharf at Bunder Basin
• Excavation of various materials including sand, silt, clay, and admixtures of any soil type from within the Ro-Ro pockets surrounding the Ro-Ro location
• Removal and disposal of all excavated materials to a designated area outside the port premises

Strategic Implications

This contract win holds strategic importance for KMEW:

1. Asset Utilization: The company plans to deploy its in-house vessel fleet for this operation, showcasing its asset readiness and commitment to maximizing fleet utilization.
2. Operational Efficiency: By using its own equipment, KMEW aims to ensure cost efficiency and operational agility.
3. Market Position: This project reinforces KMEW's standing as a preferred partner in India's dredging and marine engineering sector.

Management Commentary

Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd, commented on the contract, stating, "With this order win, KMEW continues to strengthen its presence at one of India's most vital maritime gateways. We are ready to execute this complex project with efficiency and discipline."

Company Background

Knowledge Marine & Engineering Works, incorporated in 2015, has evolved from a small ship-repair unit to a ship-owning company. The firm specializes in owning and operating marine crafts, dredging, repair and maintenance of marine crafts and infrastructure. KMEW's diverse portfolio includes services such as hydrographic and magnetometer surveys, as well as technical solutions for vessel maintenance and operations.

This latest contract from the Deendayal Port Authority adds to KMEW's impressive order book, which includes projects from various esteemed clients such as the Ministry of External Affairs, Kolkata Port Trust, Visakhapatnam Port Trust, and Dredging Corporation of India, among others.

As KMEW celebrates a decade in the industry, this new project aligns with the company's strategic focus on scaling operations and delivering critical infrastructure services with excellence, setting the stage for continued growth and success in India's marine infrastructure landscape.