OnEMI Technology Solutions, the listed parent company of digital lending platform Kissht, has received in-principle approvals from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for a proposed preferential share issue worth up to ₹832.20 crore. The company plans to issue up to 2,64,93,882 equity shares at ₹314.11 apiece to identified non-promoter investors. The approvals, disclosed in a stock exchange filing on October 20, 2026, move the proposed capital raise closer to completion, subject to the remaining regulatory and listing requirements.
The fundraise comes as OnEMI continues to expand its digital lending business following its stock market debut in May 2026. The company had previously approved the preferential issue in September and secured shareholder approval at an extraordinary general meeting on October 14. The new funding proposal follows an IPO that raised approximately ₹926 crore. Although the latest filing confirms the exchange approvals, it does not specify how the additional proceeds will be used.
Key Takeaways
- Fundraise: OnEMI plans to raise up to ₹832.20 crore through a preferential equity issue.
- Exchange approvals: BSE and NSE have granted in-principle approvals.
- Shares proposed: Up to 2.65 crore fully paid-up equity shares.
- Issue price: ₹314.11 per share, including a premium of ₹313.11 over the ₹1 face value.
- Investor category: Identified non-promoter investors.
- Earlier IPO: OnEMI raised approximately ₹926 crore through its May 2026 public offering.
- Business context: Kissht is expanding its digital lending operations through its parent company and its lending subsidiary, Si Creva.
- Next step: The company must satisfy applicable conditions before allotment and listing of the new shares.
What Has BSE and NSE Approved?
OnEMI disclosed on October 20 that both exchanges had granted in-principle approval for its proposed preferential issue. The approval covers up to 2,64,93,882 fully paid-up equity shares, each with a face value of ₹1.
The proposed issue price is ₹314.11 per share. This comprises the ₹1 face value and a premium of ₹313.11 per share. At the maximum proposed share count, the company would raise approximately ₹832.20 crore before any applicable transaction-related expenses.
| Issue detail | Information |
|---|---|
| Issuer | OnEMI Technology Solutions Ltd. |
| Digital lending platform | Kissht |
| Proposed fundraising | ₹832.20 crore |
| Maximum shares | 2,64,93,882 |
| Issue price per share | ₹314.11 |
| Face value per share | ₹1 |
| Share premium | ₹313.11 |
| Investor category | Identified non-promoter investors |
| Exchange approvals | In-principle approvals from BSE and NSE |
The distinction between in-principle approval and completion is important. The exchanges have approved the proposal in principle, but the company must still fulfil the conditions attached to the approvals, including applicable regulatory requirements and the documentation required for listing the new shares.
The approvals also do not mean that the shares have already been allotted. The final completion will depend on the company meeting the relevant conditions and carrying out the remaining procedural steps.
How the Preferential Issue Developed
OnEMI’s board approved the proposed ₹832 crore fundraising on September 17, 2026. The company subsequently sought shareholder approval through an extraordinary general meeting held on October 14.
The latest exchange approvals represent another step in that process.
A preferential issue is a method of raising capital by issuing shares to selected investors rather than offering the shares to the general public through a conventional public issue. Such transactions are subject to securities regulations, pricing requirements and applicable shareholder and exchange procedures.
OnEMI’s proposed issue is directed at identified investors outside the promoter category. According to earlier reporting by The Economic Times, the investor group includes mutual funds, investment funds and institutional investors.
The participation of established financial institutions can bring additional capital into a listed company. However, the presence of well-known investors does not guarantee that the company’s share price will rise or that the investment will produce a particular return.
The proposed price of ₹314.11 was reported to represent a discount of approximately 13% to OnEMI’s closing market price on September 17, when the board approved the issue. That comparison relates to the market price at the time of the earlier announcement; it should not be treated as a comparison with the stock’s current market price.
Who Is Kissht’s Parent Company, OnEMI Technology Solutions?
OnEMI Technology Solutions operates Kissht, a digital lending platform that provides financing products to consumers. The business began with checkout financing and subsequently expanded into personal loans and secured lending products.
Its model combines digital customer acquisition and loan origination with lending operations conducted through its own non-banking financial company subsidiary and lending partnerships.
The company’s lending activities are conducted through the relevant regulated entities and partners rather than treating the digital platform itself as a bank. Si Creva Capital Services, its NBFC subsidiary, is an important part of the lending structure.
Kissht’s expansion reflects the broader growth of digital lending in India, where consumers increasingly use online channels to access credit. Digital platforms can make application and underwriting processes more convenient, but lenders must also manage credit risk, funding costs, regulatory compliance and customer protection.
For OnEMI, additional capital could provide greater financial flexibility as the business grows. The exact purpose of the latest preferential issue, however, has not been specified in the October 20 approval filing.
Why Is OnEMI Raising More Capital After Its IPO?
The latest fundraising comes only months after OnEMI’s IPO in May 2026, when the company raised approximately ₹926 crore.
That earlier offering comprised a fresh issue of around ₹850 crore and an offer for sale of approximately ₹76 crore. An offer for sale transfers shares held by existing shareholders, whereas proceeds from a fresh issue go to the company, subject to the terms of the offering.
Of the fresh IPO proceeds, approximately ₹637.5 crore had been earmarked for Si Creva to support growth in its loan book.
The distinction between the two fundraises matters. The IPO was the company’s entry into the public market and provided capital under the stated offering plan. The proposed preferential issue is a separate transaction intended to raise additional funds from selected investors.
Companies may raise capital after an IPO for several reasons, including business expansion, working capital, strengthening their balance sheets or funding lending operations. In a lending business, additional capital can help support growth, but the ability to expand also depends on access to funding, asset quality, borrower demand and risk controls.
Because OnEMI has not specified the precise use of the latest proceeds in the approval filing, it would be premature to state that the entire ₹832.20 crore will go directly toward new loans or any single business initiative.
Kissht’s Growth and Financial Performance
OnEMI’s earlier financial disclosures showed growth in revenue, profit, assets under management and loan disbursements during the June quarter of 2026.
According to reporting on the company’s results, operating revenue rose 45% year over year to ₹670 crore, while net profit increased 59% to ₹95 crore. Assets under management reached ₹8,001 crore at the end of June, representing growth of 61% year over year. Loan disbursements increased 37% to ₹3,812 crore.
| Business indicator | Reported June-quarter figure |
|---|---|
| Operating revenue | ₹670 crore |
| Year-over-year revenue growth | 45% |
| Net profit | ₹95 crore |
| Year-over-year profit growth | 59% |
| Assets under management | ₹8,001 crore |
| Year-over-year AUM growth | 61% |
| Loan disbursements | ₹3,812 crore |
| Year-over-year disbursement growth | 37% |
Figures are based on reporting of the company’s June-quarter performance. They are historical results, not forecasts of future performance.
The numbers indicate that the lending business was expanding during the reported period. Higher loan disbursements and assets under management can support revenue growth, but they also increase the importance of credit underwriting, collection efficiency and portfolio quality.
Lending businesses must ensure that growth does not come at the expense of repayment performance. Rising defaults, higher borrowing costs or a slowdown in consumer demand can affect profitability even when the loan book continues to expand.
For investors, the key question is whether OnEMI can maintain growth while managing credit risk and deploying capital efficiently.
What the Preferential Issue Means for Existing Shareholders
A preferential issue can affect existing shareholders because issuing new shares increases the total number of shares outstanding. If an existing shareholder does not receive additional shares, their percentage ownership may decline after the new shares are allotted. This is commonly called equity dilution.
The precise effect depends on the final number of shares issued and OnEMI’s share capital immediately before allotment. Since the company has proposed issuing up to 2.65 crore shares, the eventual dilution will depend on whether the entire issue is completed.
The issue price also matters. A preferential issue at a discount to the prevailing market price can influence investor perceptions, although the market reaction depends on the company’s fundamentals, the identity of the investors, the purpose of the fundraise and broader market conditions.
For the company, raising capital can support expansion and strengthen its financial resources. For existing shareholders, the trade-off is between possible long-term benefits from additional capital and the reduction in their proportional ownership.
The latest exchange approval alone does not determine whether the transaction will create value for shareholders. That will depend on how effectively the capital is deployed and whether the business generates adequate returns.
What Happens Next?
OnEMI must complete the remaining formalities attached to the BSE and NSE approvals. The exchange letters require the company to comply with applicable regulations, submit the required documents and follow the relevant procedures before the new shares can be listed.
The company must also ensure that the allotment process complies with the applicable securities rules. The exchange correspondence specifically highlights the need for internal controls around trading by proposed allottees before allotment, reflecting the importance of preventing non-compliant trading activity.
Investors will also look for further company disclosures on the final allotment, the investors participating in the issue and any clarification about the intended use of proceeds.
Until the company completes the transaction and makes the relevant disclosures, the proposed issue should be viewed as an approved-in-principle capital raise rather than completed fundraising.
The Bigger Picture
Kissht’s proposed ₹832.20 crore preferential issue highlights the capital requirements of India’s growing digital lending industry. As online lenders expand their customer bases and loan books, access to capital becomes an important factor in supporting growth. OnEMI’s latest proposal follows its public listing and comes alongside reported increases in revenue, profitability and assets under management.
However, fundraising is only one part of the equation. The company must deploy capital effectively, manage credit risk and comply with the regulatory requirements governing its lending activities and listed shares. The BSE and NSE approvals move the transaction forward, but the final impact will depend on completion of the issue and the business results that follow.
Looking Ahead
The immediate milestone for OnEMI is to meet the remaining requirements attached to the in-principle exchange approvals and complete the proposed allotment. Investors will be watching for the final number of shares issued, the completion date and any further disclosures about the transaction. The company has not specified the exact use of proceeds in the latest approval filing.
Over the longer term, the success of the capital raise will depend on whether OnEMI can convert additional equity capital into sustainable business growth without weakening credit quality. Its recent financial performance provides context for the expansion, but future results will depend on lending demand, repayment trends, funding costs and operating efficiency. The proposed issue is therefore an important corporate development, not a guarantee of future earnings or stock-market returns.
Frequently Asked Questions
1. How much is Kissht’s parent company raising?
OnEMI Technology Solutions plans to raise up to ₹832.20 crore through a preferential issue of equity shares.
2. What approvals has the company received?
The company has received in-principle approvals from both the BSE and NSE. It must still fulfil the applicable conditions before allotment and listing of the new shares.
3. What is the issue price of the new shares?
The proposed issue price is ₹314.11 per share, including a face value of ₹1 and a premium of ₹313.11.
4. Who will receive the preferential shares?
The issue is proposed for identified non-promoter investors. Earlier reporting identified mutual funds and other institutional investors among the proposed participants.
5. Why is OnEMI raising capital after its IPO?
The company raised approximately ₹926 crore through its IPO in May 2026. The new issue is a separate fundraising transaction. The latest approval filing does not specify exactly how the additional proceeds will be deployed.
6. Does the exchange approval mean the fundraise is complete?
No. In-principle approval is an important procedural step, but the company must satisfy the applicable regulatory and listing conditions and complete the allotment process.
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