Khandwala Securities Limited announced a private placement of 4,400,000 common shares at INR 25 per share for gross proceeds of INR 110,000,000 on May 3, 2022. The transaction will include participation from new investors Aumit Capital Advisors Limited for upto 500,000 shares, Shuchi Patel for upto 438,096 shares, Darwin Patel for upto 438,095, Heta Patel for upto 438,095 shares, and other investors. After completion the investor will hold 3.06% stake, 2.68% stake, 2.68% stake, and 2.68% stake respectively.

The company will issue securities through preferential allotment method. The company will issue shares at premium of INR 15 per share. The transaction is subject to the shareholder approval in an extraordinary general meeting of shareholder of company to be held on June, 2 2022.

The transaction is subject to the approval of the members of the company and such other regulatory authority as may be applicable. The transaction has been approved by the board of directors of the company.