Krsnaa Diagnostics: ₹91.75 Cr Warrants Vote in 2026

What the company is seeking approval for

Krsnaa Diagnostics Limited has moved to secure shareholder approval for a preferential issue of warrants convertible into equity shares. The proposal is to raise up to ₹91.75 crore by issuing up to 16.21 lakh warrants to the promoter and promoter group. Each warrant is proposed to be issued at ₹566 and, upon exercise, entitles the holder to subscribe to one fully paid-up equity share of face value ₹5 each. The company has initiated the process through a postal ballot route.

The fundraise is positioned as promoter-led, with allotment planned to promoters and the promoter group. The company has stated that the funds are intended to support capital expenditure needs and acquisitions. The proposal is being placed before shareholders through a special resolution.

Postal ballot and e-voting window: key dates

Krsnaa Diagnostics published newspaper advertisements on August 19, 2026 in Financial Express (English) and Loksatta (Marathi). These advertisements informed members about the special resolution and the process to participate in voting. The e-voting period opened at 9:00 am on August 19, 2026. It is scheduled to close at 5:00 pm on September 17, 2026.

The company has set August 14, 2026 as the cut-off date to determine which shareholders are eligible to vote. Eligible shareholders can vote through the National Securities Depository Limited (NSDL) e-voting platform. The use of e-voting aligns with the postal ballot process, enabling participation without a physical meeting.

Terms of the preferential warrants

The preferential issue involves warrants that will be issued in dematerialised form. Each warrant carries an entitlement to subscribe to one equity share upon exercise. The exercise price is fixed at ₹566 per equity share, which includes a premium of ₹561. The company has linked the pricing methodology to Regulation 164 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, citing the volume-weighted average price (VWAP) of the preceding 90 trading days.

A key feature of the structure is the staged payment schedule. The allottees are required to pay 25% of the issue price at the time of subscription and allotment. The remaining 75% becomes payable when the warrants are exercised and converted into equity shares.

Payment schedule and what happens if warrants are not exercised

Under the stated terms, the upfront payment is 25% of the total issue size, amounting to ₹22.94 crore. The balance 75% is ₹68.81 crore and is payable upon exercise. The warrants have an exercise period of 18 months from the date of allotment. If the warrants are not exercised within this 18-month period, they will lapse.

The company has also disclosed that in such a scenario the subscription amount already paid will be forfeited by the company. This structure is designed to ensure the issuance either results in equity infusion through conversion or leaves the company with the upfront amount, subject to the applicable rules disclosed in the notice.

How the company plans to use the proceeds

Krsnaa Diagnostics has listed two specific objects for the funds raised through this preferential issue. First, capital expenditure has been outlined at ₹68.81 crore. The company has stated that this capex will be used for purchasing and installing diagnostic equipment such as CT scanners, MRI machines, and PET CTs, supporting existing operations and upcoming projects.

Second, the company has earmarked ₹22.94 crore for acquisitions. This portion is described as funding business acquisitions identified and evaluated by management, subject to board approval. The disclosed split mirrors the 75:25 structure of the warrant payment schedule.

Promoter holding impact and control statement

On a fully diluted basis, assuming full exercise of the warrants, the aggregate shareholding of the promoter and promoter group is expected to rise from 27.11% to 30.58%. The company has stated that this transaction does not result in any change in control or management of the company.

Management commentary included a statement from CEO Yash Mutha, who said the warrants were proposed as a promoter contribution for two reasons: to fund capital expenditure for projects and to support acquisitions under consideration.

Regulatory disclosures and expected allotment timeline

The company has stated that because the total issue size does not exceed ₹100 crore, it is not required to appoint a monitoring agency under Regulation 162A of the SEBI ICDR Regulations. The warrants and the resultant equity shares will be subject to lock-in periods as per Regulation 167 of the SEBI ICDR Regulations.

Krsnaa Diagnostics has also indicated that the allotment is expected to be completed within 15 days of passing the special resolution, subject to regulatory approvals. This timetable links the shareholder approval process to the operational completion of the allotment.

Financial performance snapshot disclosed alongside the proposal

The company reported consolidated revenue from operations for the quarter ended June 30, 2026 (Q1FY27) at ₹235.53 crore. This represents year-on-year growth of 22.05% from ₹192.98 crore in Q1FY26 and quarter-on-quarter growth of 22.29% from ₹192.60 crore in Q4FY26.

Other quarterly performance figures cited include Q3FY26 revenue of ₹181.20 crore (versus ₹174.50 crore in Q3FY25), EBITDA of ₹47.40 crore (versus ₹46.60 crore), and PAT of ₹15.20 crore (versus ₹19.40 crore). For Q2FY26, revenue from operations was ₹206.00 crore (versus ₹186.30 crore in Q2FY25), EBITDA was ₹60.20 crore (versus ₹50.90 crore), and PAT was ₹23.90 crore (versus ₹19.60 crore). The company also reported an EPS of ₹7.25 for Q2FY26.

The company noted that revenue and net profit grew year-on-year and that a final dividend of ₹2.00 per share was recommended.

Key data table: issue terms and voting schedule

Market snapshot provided in the disclosures

A market snapshot cited alongside the developments showed the stock at ₹642, with a 52-week high and low of ₹894 and ₹626 respectively, as on May 26, 2026 (time noted as 12:36:15 IST). The company also referred to an exchange intimation around a press release dated August 13, 2026 regarding the preferential warrant issue and revenue growth.

These datapoints provide context on where the stock was trading relative to its recent range when the company communicated the proposal and the related business updates.

What investors will track next

The immediate next milestone is the closure of e-voting on September 17, 2026 and the outcome of the special resolution. If approved, the company expects the allotment to be completed within 15 days, subject to regulatory approvals. Investors will also watch subsequent disclosures on any acquisitions pursued using the earmarked ₹22.94 crore, and updates on the capex deployment of ₹68.81 crore into diagnostic equipment.

Separately, the pace of conversion will matter because the remaining 75% of the proceeds is payable only upon exercise. With an 18-month window, the company’s updates on allotment date, exercise activity, and lock-in conditions will shape how the preferential issuance translates into fully diluted shareholding over time.