Arihant Capital Markets Limited announced a private placement of 5,000,000 convertible warrants at an issue price of INR 17.125 for the gross proceeds of INR 86,625,000 on May 25, 2024. The transaction includes participation from Ashok Kumar Jain HUF and Arpit Jain HUF. The issuance is made on Preferential Basis.

An amount equivalent to atleast 25% of the Warrant Issue Price shall be payable at the time of subscription and allotment of each Warrant and the balance 75% shall be payable by the Warrant holder on the exercise of the Warrant. In the event, a Warrant holder does not exercise the Warrants within a period of 18 months from the date of allotment of such Warrants, the unexercised Warrants shall lapse and the amount paid by the Warrant holders on such Warrants shall stand forfeited by Company. Ashok Kumar Jain HUF will subscribe 2,500,000 warrants and Arpit Jain HUF will subscribe 2,500,000 warrants.

The transaction is subject to approval from stock exchange and obtained approval from board of directors and is subject to general shareholder to be held on June 21, 2024.