Kirti Doshi acquires close to 21% in Emkay Global via Antique Securities

MUMBAI: Dalal Street veteran Kirti Doshi has acquired nearly 21% stake in listed financial services firm Emkay Global Financial Services through his entity, Antique Securities, the company said in an exchange filing on Monday.

Doshi, along with the Emkay's promoters, Krishna Kumar Karwa and Prakash Kacholia, have pumped ₹227.5 crore into the company through a warrant issue. The brokerage's market cap stood at ₹806.3 crore on Monday.

According to the exchange disclosure, 75 lakh warrants were issued to Antique, where Doshi is the ultimate beneficial owner, bringing his individual investment to ₹179.6 crore. Karwa invested ₹29.9 crore, while Kacholia put in ₹17.9 crore, by subscribing to 12.5 lakh and 7.5 lakh warrants, respectively.


The firm issued these convertible warrants at a price of ₹239.5 apiece, with the right to convert each warrant into one equity share within 18 months of allotment. On Monday, the stock ended 20% higher on BSE at ₹315.2. As of June 30, Karwa and Kacholia held 19.32% and 18.64% stakes in the company, respectively. Shares of Emkay Global have gained nearly 46% over the past month.