Krishna Institute of Medical Sciences (KRIL.BO): Assessing the impact of the preferential warrant allotment to promoters along with the already

研报英文原文证据摘录

Krishna Institute of Medical Sciences (KRIL.BO): Assessing the impact of the preferential warrant allotment to promoters along with the already

Equity Research

16 June 2026 | 7:13AM IST

Krishna Institute of Medical Sciences (KRII.BO): Assessing the impact of

the preferential warrant allotment to promoters along with the already

What happened? Karan Vora, CFA

+91(22)6616-9146 |

KIMS, over the weekend, announced that the Board plans to raise about Rs6bn karan.vora@gs.com

Goldman Sachs India SPL

through a private placement to its promoters; an aggregate of 7,702,182 warrants,

Shyam Srinivasan, CFA

each fully convertible into or exchangeable for, 1 fully paid-up equity share of the +91(22)6616-9346 |

company, at a warrant issue price of Rs779 per warrant/share. The issue price is set shyam.srinivasan@gs.comGoldman Sachs India SPL

at not less than the higher of the floor price determined through an independent

valuer in accordance with the provisions of SEBI ICDR Regulations, and the warrants

may be exercised in one or more tranches over 18 months post allotment.

We note per the announcement details that an amount equivalent to 25% of the

warrant issue price is payable at the time of subscription and allotment of the

warrants, with the balance due at the time of exercise of the right to convert and

subscribe to equity shares of the company.

Our View

We note that the cumulative funds raise of up to ~Rs21bn (~US$220mn) from the

warrants along with the previously proposed QIP (which is in process) could be used

to repay debt bringing leverage down to ~1x by FY28E well below management’s

previously stated comfort level of under 2-2.5x (from ~5.2x currently, ~4x excl.

leases); note the company has previously highlighted that debt reduction and B/S