Industrialist J Rafiq Ahmed, who was once in the steel business, is now the promoter of the Chennai-based Kothari Industrial Corporation Limited, a part of the DC Kothari group. He came on board KICL in 2014 as an investor when the company was not doing well; further on he became its Managing Director.

Currently, Ahmed is the not technically a ‘promoter’, but he will be, after the completion of the open offer of equity shares, assuming full acceptance of 1.10 crore shares on offer.

Ahmed’s holding will be 47.08 per cent. His holding after the open offer could go up to 73.07 per cent. He made the open offer to acquire 1.10 crore equity shares representing 26 per cent of the expanded voting share capital of the company at ₹14.33 for each equity share.

The company’s on July 29, 2024, approved a preferential issue up to 3 crore fully paid-up equity shares of face value of ₹5 each on preferential basis representing 70.62 per cent of the expanded share capital, at a price of ₹14.33 per fully paid up equity share (preferential issue) for a consideration, aggregating to ₹42.99 crore to Ahmed.

There was a full consensus at the extra ordinary general meeting held on August 21, 2024, said Ahmed.

Relisting

Meanwhile, after 24 years, the company’s share price was relisted recently. Shares were listed on the BSE since August 8, 1972. However, trading was suspended on July 18, 2000, due to penal actions. Subsequently, the company applied for the revocation of the suspension with the BSE Limited on July 23, 2023.

KICL, incorporated on July 1, 1970 as Kothari (Madras) Limited, was mainly engaged in manufacturing and trading of fertilizers, having more than seven decades of experience in the manufacturing and marketing of fertilizers, trading of NPK mixtures (nitrogen, phosphorus, and potassium), and also distributing plant protection chemicals, micro nutrients and growth promoters.

“I want to continue the legacy of the iconic Kothari brand, which has a large base in the form of farmers,” Ahmed told newspersons.

Ahmed said he is in talks with Sheikh Falah Bin Jassim Bin Jabor Al Thani, of Qatar’s ruling family, to invest in the company and become a director. Thani is a key shareholder of Qatar Airways, he said.

Once he comes in, Ahmed said KICL has lined up a series of projects costing ₹15,000 crore to ₹16,000 crore. This includes a NPK fertilizer plant in Qatar at a cost of ₹7,000 crore; two leather factories in Tamil Nadu and a skilling school for drone operations in Madurai

KICL’s share price on the BSE closed at ₹16.92, up by 1.99 per cent.

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