SRL 142 Holdings Ltd announced a private placement of 1,800,000 cumulative compulsorily convertible preference shares at a price of $1 per share for gross proceeds of $1,800,000 on January 12, 2017. The transaction will include participation from Indag Rubber Limited. The shares carry a coupon of 12% per annum, and will be convertible into equity interest of 3.288%. The company intends to complete the transaction within three months. The transaction was approved by the investor’s board of directors. The company reported a turnover of $2,800,000 for the year ended December 31, 2016.