KRN Heat Exchanger and Refrigeration Limited — Important, 25-11-2024: General Updates

KRN Heat Exchanger and Refrigeration Limited has made a significant investment in its subsidiary, KRN HVAC Products Private Limited, by acquiring 11,787,830 equity shares at INR 200 each, totaling INR 235.76 crores. This move supports HVAC's expansion plans as part of the funds raised during the company's IPO. The subsidiary, engaged in manufacturing products for the HVAC industry, reported a turnover of INR 23.62 lakhs for the financial year ended March 31, 2024. Post-acquisition, KRN’s shareholding in HVAC increases from 99.99% to 99.997%. This strategic investment positions the company for growth in a sector that is witnessing rising demand, suggesting a positive outlook for investors.