Atam Valves Limited announced a private placement of 2,349,000 warrants of face value, INR 10 at a price of INR 12.50 per share for gross proceeds of INR 29,362,500 on March 29, 2022. The transaction will include participation from Amit Jain for 1,800,000 warrants, Emerging Opportunities Private Limited for 99,000 warrants, Dinesh Gupta for 99,000 warrants and other investors. The warrants are exercisable into equity shares of face value, INR 10 at an exercise price of INR 37.50 per share exercisable at any time within a period of 18 months from the date of allotment, in one or more tranches.

The transaction has been approved by board of directors of the company and is still subject to the approval of regulatory/statutory authorities and the shareholders of the company at the forthcoming Extra Ordinary General Meeting to be held on April 20, 2022.