Himadri Speciality Chemical Limited announced that it expects to receive INR 1.269625 billion in funding

Himadri Speciality Chemical Limited announced a private placement of 72,550,000 convertible warrants on July 11, 2022. The transaction included participation from Anurag Choudhary for 3,300,000 warrants, Amit Choudhary for 13,750,000 warrants, Shyam Sundar Choudhary for 8,250,000 warrants, Shikha Choudhary for 3,700,000 warrants, Sheela Devi Choudhary for 3,000,000 warrants, Anooshka C Bathwal for 1,100,000 warrants, Rinku Choudhary for 850,000 warrants, Nirmal Kumar Bathwal for 3,200,000 warrants, Poonam Bathwal for 1,100,000 warrants, Soham Bathwal for 11,00,000 warrants, Vasudev for 2,000,000 warrants, Somesh Satnalika for 300,000 warrants, Kamlesh Kumar Agarwal for 300,000 warrants, Prashant Prahladka for 200,000 warrants, Pinaki Duttagupta for 150,000 warrants, Gajendra Bansal for 100,000 warrants, Vipin Gupta for 100,000 warrants, Monojit Mukherjee for 50,000 warrants, Satish Kumar Chhabra for 50,000 warrants, Vikash Kumar Patodia for 70,000 warrants, Dr Soumen Chakraborty for 40,000 warrants, Kunal Mukherjee for 30,000 warrants, Mukesh Goenka for 30,000 warrants, Monika Saraswat for 20,000 warrants, Tinanjan Mitra for 15,000 warrants, Biswajit Kumar Sengupta for 15,000 warrants, Amit Bandycipadhylly for 15,000 warrants and Srikanth Si ripurapu for 15,000 warrants. The warrants have an issue price of INR 70 per warrant.

The company will receive 25% of the total amount, which is INR 1,269,625,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid at maturity. The warrants are convertible into equity shares on equity shares. The tenure of the warrants shall not exceed 18 months from the date of allotment.

Each warrant shall carry a right to subscribe 1 Equity Share per warrant, which may be exercised in one or more tranches during the period commencing from the date of allotment of warrants until the expiry of 18 months from the date of allotment of the warrants. The warrants will be issued on preferential basis to promoter and promoter group. The transaction has been approved by the board of directors of the company.