Ganga Pharmaceuticals Limited announced a private placement of 1,000,000 equity shares at issue price of INR 14 for gross proceeds of INR 14,000,000 and 2,000,000 convertible warrants at issue price of INR 14 for gross proceeds of INR 28,000,000 on December 4, 2023. Out of total issue price, only 25% of the warrant price is received on allotment. The remaining 75% would be payable upon exercise of these warrants.

Each warrant is convertible into 1 (one) equity share and the warrants converted into or exchanged with equity shares at a later date within a period of 18 months from the date of allotment of warrants. The shares will be issued on preferential basis. The transaction includes investor participation for equity shares, Vaibhaviben Nitinkumar Akhani for 50,000 shares, Lenus Finvest Pvt.

Ltd for 375,000 shares, Prakash Dhirajlal Tanna for 325,000 shares, Hitesh Kothari HUF for 100,000 shares, Chetan Kothari for 50,000 shares, Jitesh Kothari for 25,000 shares, Nitin Gandhi for 25,000 shares and Vishal Chhabria for 50,000 shares. The transaction also includes investor participation for convertible warrants, Anagh Bharat Sharma for 200,000 warrants, Bharat Brijmohan Sharma for 400,000 warrants, Srijana Bharat Sharma for 400,000 warrants, Plutus Capital Management LLP for 375,000 warrants, Bhavesh Dhirajlal Tanna for 375,000 warrants, Brijpaldas Maheshwari for 100,000 warrants, Atul Ramshankar Jaiswal for 25,000 warrants, Nitin Gandhi for 75,000 warrants and Vishal Chhabria for 50,000 warrants. The transaction has been approved by the board of directors of the company.