Kissht parent OnEMI gets BSE, NSE In-principle approval for Rs 832 crore share issue

Indian technology-driven digital lending platform Kissht's parent company, OnEMI Technology Solutions, has received in-principle approvals from the BSE and NSE to raise up to Rs 832.2 crore through a preferential issue of equity shares.

The exchanges granted their approvals on 19 October, according to a regulatory filing submitted by the company on 20 October.

OnEMI plans to issue up to 2,64,93,882 equity shares at Rs 314.11 each, including a premium of Rs 313.11 per share, to 34 identified non-promoter investors.

The approvals are subject to the completion of statutory and regulatory requirements. The company must also apply for listing approval after the new shares are allotted.

OnEMI's board approved the fundraising proposal on 17 September, followed by shareholder approval at an extraordinary general meeting on 14 October.

The proposed investors include Axis Mutual Fund, HDFC Mutual Fund, Groww Mutual Fund, Bandhan Mutual Fund, Massachusetts Institute of Technology (MIT), WhiteOak, 360 ONE, Citigroup Global Markets Hong Kong, Nippon India Equity Opportunities AIF and Unity Small Finance Bank.

According to the company's earlier announcement, 75% of the funds raised will be invested in its wholly owned subsidiary, Si Creva Capital Services, to support lending operations, strengthen technology capabilities and expand its product offerings.

The remaining 25% has been earmarked for general corporate purposes.

Kissht is also targeting multiple credit rating upgrades over the next two years. The company expects stronger capitalisation and improved ratings to help lower borrowing costs, broaden access to funding and increase its lending capacity.

The proposed fundraise comes about five months after OnEMI made its stock market debut in May.

Its Rs 926-crore IPO comprised a fresh issue of Rs 850 crore and an offer for sale of approximately Rs 76 crore by existing shareholders.

The company's shares listed on 8 May at Rs 191 on the BSE and Rs 190 on the NSE, compared with an IPO price of Rs 171.