Mehai Technology Limited announced a private placement of 20,000,000 Convertible Equity Share Warrants at a price of INR 25 for the gross proceeds of INR 500,000,000 on August 14, 2023. Warrants are convertible in one or more tranches to equity shares having face value of INR 10 each of the Company. The warrants issued are exercisable by the Warrant holders to subscribe to one equity share per warrant.

The company will receive 25% of the total amount, which is INR 125,000,000 as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months in one or more tranches upon the allotment of Equity Shares following the exercise of the conversion right by the warrant holder, at their discretion. The warrants are issued to the Promoters, Promoter?s Group and Public Investors on Preferential Basis. The transaction included participation from returning investor Dynamic Services & Security Limited, individual investors Abdul Rashid, Amar Ghosh, Debasish Saha, Dinesh Prasad Gond, Durga Prasad Shaw, Prakash Shaw, Pushpender Jain, Sandip Rathi, Sanjay Jaiswal, Sankar Kumar Saha.

Each Warrant is subject to necessary Shareholders? approval. The transaction is approved by the board of directors of the company.