Esaar (India) Limited announced a private placement of 40,000,000 warrants at a price of INR 2.5 for gross proceeds of INR 100,000,000 on May 17, 2022. The warrants are convertible into equity shares within a period of 18 months from the date of allotment in accordance with the SEBI Regulations 2018 to selected non-promoter group. The warrants will be issued on preferential basis.

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 within 18 months. The transaction has been approved by the board of directors of the company. The transaction included participation from Sumit Desai for 1,000,000 warrants, Sumit Desai HUF for 1,000,000 warrants, Bhoornika Desai for 1,000,000 warrants, Jyoti Desai for 1,000,000 warrants, Praful Desai for 1,000,000 warrants, Dharmaraj Ramsajivan Tiwari Private Trust for 2,045,000 warrants, Viswamani Tiwari for 1,000,000 warrants, Prabha Tiwari for 1,000,000 warrants, Ankush Tiwari for 100,000 warrants, Akash Tiwari for 100,000 warrants, Khushboo Tiwari for 100,000 warrants, Viswamani Tiwari HUF for 2,500,000 warrants, Prabhat Capital Investment Limited for 5,000,000 warrants, Jeet Gandhi for 250,000 warrants, Aditi Gandhi for 250,000 warrants, Vidhi Mehul Shah for 600,000 warrants, Mehul Shah for 400,000 warrants, Vinod Mishra for 100,000 warrants, Gaurav Mishra for 50,000 warrants, Lalima Mishra for 100,000 warrants, Rajesh Pandey for 2,500,000 warrants, Rahul Shah for 2,000,000 warrants, Core4 Marcom Private Limited for 5,000,000 warrants, Shruti Ajay Menon for 2,500,000 warrants, Viqberto Fitness Equipments Private Limited for 4,355,000 warrants, Triton International Private Limited for 5,000,000 warrants, and Bipin Verma for 50,000 warrants.