Garg Furnace Limited announced a private placement to issue up to 2,800,000 warrants at a price of INR 48.75 per warrant for the gross proceeds of INR 136,500,000 on December 19, 2023. The warrants will be exercisable at an exercise price of INR 146.25. The transaction will include participation from new investor, Bgp 11 Analytics Private Limited for 300,000 warrants, individual investors, Devinder Garg for 700,000 warrants, Vaneera Garg for 700,000 warrants, Toshak Garg for 400,000 warrants, Daksh Garg for 400,000 warrants, Sangeeta Pareekh for 300,000 warrants.

The transaction has been approved by the shareholders of the company.