New Light Apparels Limited announced a private placement of 5,187,285 common shares at a price of INR 17 per share for gross proceeds of INR 88,183,845; and 938,000 warrants at a price of INR 4.25 per warrant for gross proceeds of INR 3,986,500; for aggregate gross proceeds of INR 92,170,345 on April 5, 2024. The warrants will be convertible into one common share of the company at INR 12.75 per share and will mature in 18 months from the date of the allotment. The securities will be issued on preferential basis.

The transaction has been approved by the board of directors of the company. The transaction included participation from new investors Aryan Mittal for 500,000 shares; Manish Mittal for 500,000 shares; Manish Mittal for 289,609 shares; Deepika Mittal for 400,000 shares; Akshat Mittal for 200,000 shares; Shushila Mittal for 200,000 shares; Krishan Kumar Mittal for 81,000 shares; Ashok Kaushik for 50,000 shares; Nishant Goyal for 50,000 shares; Rajeev Anand for 50,000 shares; Ranjitt Singh for 50,000 shares; Manoj Agrawal for 650,000 shares; Shikha Agrawal for 650,000 shares; Manoj Agrawal for 870,608 shares; Saket Gupta for 50,000 shares; Murli Janki & Sons for 50,000 shares; Rajat Salhotra for 546,068 shares; Sandeep Makkad for 100,000 shares; Meetu Makkad for 100,000 shares; Gurcharan Lal for 59,625 shares; Shashi Makkad for 59,625 shares; Akaanksha Makkad for 59,625 shares; Prateek Makkad for 59,625 shares; Kanchan Saraogi for 469,000 warrants; Rakesh Khanna for 50,000 warrants; Pratham Aggarwal for 100,000 warrants; Monika Aggarwal for 69,000 warrants; Amit Gupta for 50,000 warrants; Neha Mahajan for 50,000 warrants; Krish Basoya for 50,000 warrants; Kamal Arora for 50,000 warrants; and Sunil Kumar Garg for 50,000 warrants.