OnEMI Technology Solutions has received in-principle approval from the BSE and the NSE for a share issue of up to Rs 832.2 crore. OnEMI is the parent of the digital lending platform Kissht. The company said the exchanges granted the nod on 19 October and that it filed the update on 20 October. The funds will come through a preferential issue of up to 2,64,93,882 equity shares at Rs 314.11 each, including a premium of Rs 313.11. The company has also clarified that the approval does not mean the money has already come in.
Who Is Putting In The Money
The shares will go to 34 identified non-promoter investors. The list includes Axis Mutual Fund, HDFC Mutual Fund, Groww Mutual Fund and Bandhan Mutual Fund. Massachusetts Institute of Technology, WhiteOak, 360 ONE and Citigroup Global Markets Hong Kong are also among the investors, alongside Nippon India Equity Opportunities AIF and Unity Small Finance Bank. According to the filing, the group brings domestic mutual funds, a global bank and a university endowment onto the shareholder register.
Where The Proceeds Will Be Used
The company said three-fourths of the proceeds will go into Si Creva Capital Services, a wholly owned subsidiary that runs OnEMI’s lending operations. The capital will also fund technology and new products. OnEMI lends to consumers and small businesses through a technology-led model. The remaining 25 per cent is earmarked for general corporate purposes.
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Timeline And Next Steps For OnEMI
OnEMI’s board cleared the plan on 17 September, and shareholders approved it at an extraordinary general meeting on 14 October. The approvals remain subject to statutory and regulatory conditions, and the company must apply for listing approval once the new shares are allotted. The move comes about five months after OnEMI listed in May, when its Rs 926 crore IPO stock debuted at Rs 191 on the BSE and Rs 190 on the NSE, against an issue price of Rs 171. The company is targeting multiple credit rating upgrades over the next two years, and it sees the fresh capital as a way to strengthen its balance sheet before that push.
