Kothari Industrial Corporation Ltd (KICL), based in Chennai, has announced that FJ Global and Investment, owned by Falah Jassim J.M. AL-Thani (a member of the Qatar Royal family), will acquire 10% of KICL’s shares.
The deal involves the purchase of 7,056,000 shares at ₹25 per share, with a face value of ₹5 per share.
KICL’s current promoter, Rafiq Ahmed, plans to increase his investment to maintain his 47% stake.
The company’s board has also approved the creation of a joint venture in Qatar, where KICL will hold 70% and AL-Thani 30%. This joint venture aims to boost KICL’s international growth.
Additionally, KICL is seeking approval to raise its authorised share capital from ₹25 crore to ₹75 crore.
KICL is also pursuing the acquisition of Ahmed’s 30% stake in Phoenix Kothari Footwear Ltd., which is developing a non-leather footwear park in Perambalur, Tamil Nadu.
