KRN Heat Exchanger share price recovers 8% from day's low after firm raises ₹350 crore through QIP
KRN Heat Exchanger and Refrigeration recovered 6% after announcing a QIP that raised nearly ₹350 crore. The stock fell to ₹1,012.50 before rising to ₹1,092. Despite a 17% drop in a month, it gained 42% over the past year.
KRN Heat Exchanger and Refrigeration recovered 6% from its day's low on Tuesday, 2 June after it announced that it has successfully completed its qualified institutions placement (QIP), raising nearly ₹350 crore from institutional investors.
KRN Heat stock opened at ₹1,050.70 and then fell 3.6% to its day's low of ₹1,012.50. However, it later recovered around 8% to its day's high of ₹1,092 on BSE.
While the stock has lost 17% in the last 1 month, it has added 18% in 3 months, 33% in 6 months and 42% in the last 1 year.
QIP Details
The company's Fund-Raising Committee approved the allotment of 33,01,886 equity shares of face value ₹10 each at an issue price of ₹1,060 per share, aggregating to ₹34,999.99 lakh, according to a regulatory filing dated June 1, 2026.
The issue price of ₹1,060 per equity share included a premium of ₹1,050 per share and was offered at a discount of 4.85% to the floor price of ₹1,114.05 per share, determined in accordance with SEBI ICDR Regulations. The QIP opened on May 26, 2026, and closed on June 1, 2026.
In its filing, the company stated, "The Fund-Raising Committee at its meeting held today, i.e., June 1, 2026, approved the allotment of 33,01,886 Equity Shares of face value ₹10 each to eligible qualified institutional buyers at the Issue price of ₹1,060.00 per Equity Share, aggregating to ₹34,999.99 lakhs, pursuant to the Issue."
The QIP attracted participation from several domestic and international institutional investors. Among the prominent allottees, VQ Fastercap Fund received the largest allocation of 8,49,188 shares, accounting for 25.72% of the total issue size. ValueQuest India Inflexion Fund was allotted 4,81,000 shares, representing 14.57% of the issue, while Ashoka WhiteOak ICAV – Ashoka WhiteOak India Opportunities Fund received 4,61,981 shares, equivalent to 13.99% of the total issue.
Abu Dhabi Investment Authority (ADIA) was allotted 2,36,000 shares, representing 7.15% of the issue size. WhiteOak Capital's various schemes collectively received allocations amounting to 17.57% of the issue. Bank of India's fund schemes together accounted for 7.14% of the issue, while Subhkam Ventures I Pvt Ltd secured 1,88,681 shares, equivalent to 5.71% of the total QIP.
Following the allotment, KRN Heat Exchanger's paid-up equity share capital increased from ₹62,15,66,000 comprising 6,21,56,600 equity shares to ₹65,45,84,860 comprising 6,54,58,486 equity shares.
The fundraising marks a significant milestone for the company as it strengthens its capital base with support from marquee institutional investors, including global sovereign wealth funds and leading domestic asset managers.
KRN Heat Exchanger and Refrigeration Limited manufactures heat exchangers, evaporators, condensers and related components for the HVAC&R industry. Founded in 2017 and headquartered in Neemrana, Rajasthan, the company serves OEM customers across India, Asia, Europe, North America, South America and Oceania.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
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