Continental Securities Limited announced that it will issue up to 5,000,000 convertible equity warrants at a price of INR 2.5 per warrant for total gross proceeds of INR 12,500,000 on May 10, 2023. The transaction will include participation from returning investors, Vachi Commercial LLP for 1,700,000 warrants, Raahityaa Enterprises Llp for 1,100,000 warrants, Aahwaanith Tradecom Llp for 1,100,000 warrants, and Taarush Tradecom Llp for 1,100,000 warrants. The company will issue securities on preferential basis.

The warrants have a total price of INR 10, of which the company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid upon exercise of warrants. Each warrant is exercisable to acquire 1 equity share of the company, at an exercise price of INR 7.5 per share for a period of 18 months from the date of closing. Post closing, Vachi Commercial LLP stake in the company will be increased form 1.18% to 7.43%, Raahityaa Enterprises Llp stake in the company will be increased form 0.28% to 4.42%, Aahwaanith Tradecom Llp stake in the company will be increased form 0.47% to 4.57%, and Taarush Tradecom Llp stake in the company will be increased form 0.59% to 4.67%.

The transaction has been approved by the board of directors of the company and recommended to the members seeking approval in extra-ordinary general meeting of the company.