Lactose (India) Ltd. (BSE:524202) announced a private placement of 2,400,000 convertible warrants on preferential basis of INR 10 each at an issue price of INR 21 per warrant for gross proceeeds of INR 50,400,000 on October 22, 2020. The warrants are convertible into equity shares of the company. The warrants are being issued at a premium of INR 11 per warrant. The company received 25% of the total amount, which is INR 12,600,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid later. The transaction was approved by the BSE Limited.