Kissht, a listed non-banking financial company (NBFC), has secured board approval to raise ₹832.2 crore through a preferential issue of equity shares to 34 investors and entities. The board approved issuing 2.64 crore fully paid-up equity shares at ₹314.11 each. The allotment is subject to regulatory and shareholder approval, with an extraordinary general meeting convened to seek shareholder consent, according to inc42.com.
The preferential issue involves a private placement of shares to identified non-promoter investors. Among the key investors, Axis Flexi Cap Fund, Axis Multi Cap Fund, and Axis Small Cap Fund will collectively receive 63.7 lakh shares valued at nearly ₹200 crore. The Massachusetts Institute of Technology, through two entities, will acquire 27.1 lakh shares worth ₹85 crore. Other notable investors include Envision Capital, First Bridge, and Ashoka WhiteOak Capital-linked entities, who will receive shares worth ₹40 crore, ₹20 crore, and ₹75 crore respectively, as detailed in the company’s filing.
This capital raise is significant for Kissht as it strengthens its equity base amid a competitive NBFC sector. Preferential issues are a common fundraising route for NBFCs to bolster liquidity and support growth initiatives. The involvement of prominent institutional investors such as Axis Funds and MIT entities signals confidence in Kissht’s business model. The ₹832 crore raise ranks among the larger equity fundraises in the sector this year, highlighting investor interest in digital lending platforms.
The company has yet to disclose specific plans for utilizing the fresh proceeds. The preferential share allotment awaits final approval from regulators and shareholders at the upcoming extraordinary general meeting. The issue price of ₹314.11 per share and the total number of shares to be allotted were formally announced in the company’s filing with the exchanges.