Mukul Agrawal Stock Hits 5% Upper Circuit After Raising ₹350 Cr via QIP

Synopsis: KRN Heat Exchanger hit a 5% upper circuit after successfully raising Rs. 350 crore through a QIP. Strong participation from marquee investors including ADIA, ValueQuest, WhiteOak, and VQ FasterCap boosted investor confidence, driving the stock higher despite modest equity dilution. 

The shares of this company manufacture fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry are in the spotlight after it locked at 5 percent upper circuit following the successful conclusion of its Qualified Institutional Placement (QIP).

With a market capitalisation of Rs. 6,845 cr, the shares of KRN Heat Exchanger and Refrigeration Ltd were trading at Rs. 1101.35 per share, locked at 5% upper circuit in today’s market session, up from its previous close of Rs. 1,048.95 per share. The stock has delivered strong returns across multiple timeframes, gaining 45% over the past year, 49% on a year-to-date basis, and 36% in the last six months. However, it has witnessed some near-term profit booking, declining 10% over the past month.

What’s the News

KRN Heat Exchanger and Refrigeration Ltd has successfully concluded its Qualified Institutional Placement (QIP), raising approximately Rs. 350 crore. The Fund-Raising Committee, in its meeting held on June 1, 2026, approved the allotment of 33,01,886 equity shares with a face value of Rs. 10 each at an issue price of Rs. 1,060 per share, which includes a premium of Rs. 1,050 per share. The issue price represents a discount of 4.85% to the SEBI-determined floor price of Rs. 1,114.05 per share. The QIP opened on May 26, 2026, and closed on June 1, 2026.

Following the allotment, the company’s paid-up equity share capital increased from Rs. 62.16 crore (6,21,56,600 equity shares) to Rs. 65.46 crore (6,54,58,486 equity shares). The newly issued shares represent approximately 5.31% of the post-issue equity capital, resulting in a modest dilution for existing shareholders. 

The QIP witnessed strong participation from domestic and foreign institutional investors. The largest allotment was made to VQ FasterCap Fund, which received 8,49,188 shares, accounting for 25.72% of the total issue size. ValueQuest India Inflexion Fund was allotted 4,81,000 shares (14.57%), while Ashoka WhiteOak India Opportunities Fund received 4,61,981 shares (13.99%). Abu Dhabi Investment Authority (ADIA) was allotted 2,36,000 shares, representing 7.15% of the issue, reflecting significant interest from global institutional investors.

Among domestic investors, WhiteOak Capital Mutual Fund schemes collectively received approximately 5,80,188 shares, representing 17.57% of the total issue size. Similarly, Bank of India Mutual Fund schemes were allotted 2,35,849 shares, accounting for 7.14% of the issue. Subhkam Ventures I Pvt. Ltd. also emerged as a notable investor with an allotment of 1,88,681 shares, equivalent to 5.71% of the QIP.

About the company 

KRN Heat Exchanger and Refrigeration Ltd is an Indian manufacturer specialising in fin-and-tube heat exchangers used in heating, ventilation, air conditioning, and refrigeration (HVAC&R) applications. The company supplies condenser coils, evaporator coils, and related components to leading air-conditioner and refrigeration equipment manufacturers. 

It reported strong financial performance in Q4FY26, driven by robust demand and improved operating efficiency. The company recorded 36% year-on-year growth in revenue, with sales increasing to Rs. 179 crore from Rs. 132 crore in the corresponding quarter last year. EBITDA surged 77% YoY to Rs. 33.5 crore, while net profit rose 57% to Rs. 23.4 crore. Earnings per share (EPS) also increased 57% to Rs. 3.76 from Rs. 2.39 a year ago. As of Q4FY26, Ace investor Mukul Agrawal holds a stake of 1.61% in this company.

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