Apollo Pipes Limited announced a private placement of 4,720,000 convertible warrants on March 14, 2023. The transaction will include participation from new individual investors Megha Gupta for 2,000,000 warrants; Arun Agarwal for 500,000 warrants; Sahil Gupta for 500,000 warrants; Anubhav Gupta for 100,000 warrants; Ajay Kumar Jain for 60,000 warrants; Sunil Mohanty for 25,000 warrants; Manoj Sharma for 20,000 warrants; Dwarika Nath Panda for 15,000 warrants; and returning individual investor Meenakshi Gupta for 1,500,000 warrants. The warrants will be convertible into one common share of the company at INR 550 per share for a period of 18 months from the date of allotment.

The company will receive 25% of the total amount which is INR 649,000,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid upon exercise of warrants. The company will issue securities on preferential basis. The transaction has been approved by the board of directors of the company, and is subject to shareholder approval and other statutory approvals.