Kiri Industries Limited has announced a significant proposal for further investment of up to USD 168,000,000 (approximately ₹1,500 Crore) in its wholly owned subsidiary, Claronex Holdings Pte. Ltd. This decision was approved by the Board of Directors during a meeting held on January 03, 2025. Upon completion of this investment, Kiri Industries' shareholding percentage in Claronex will remain unchanged, and it will continue to be a wholly owned subsidiary. Claronex, incorporated in Singapore on February 14, 2024, is involved in wholesale trading, investment, and financing activities. Although it has not yet commenced business operations, the investment aims to enable Claronex to repay its entire credit facility of USD 130 million, along with applicable interest, thereby becoming debt-free and facilitating the commencement of its trading business operations. The investment will be made through the issuance of equity shares at an issue price of SGD 7.00 per share. The transaction is considered a Related Party Transaction as Mr. Manish Kiri, Chairman and Managing Director of Kiri Industries, is a Director on the Board of Claronex. The proposed investment is tentatively expected to be completed within a period of six months from the announcement date.
