On February 24, 2022, Nidhi Granites Limited closed the transaction. The company issued 3,250,000 Convertible Warrants at a price of INR 29 per warrant for gross proceeds of INR 94,250,000 in the transaction, of which 25% of the amount which is equal to INR 23,562,500 was received by the company at the closing of the transaction and the rest will be received during the exercise of warrants. The warrants are exercisable at INR 21.75 per warrant.

The transaction included participation from promoters of the company Devan Pandya for 1,089,000 warrants, Darpan Shah for 1,080,000 warrants, non-promoters Kala Purvish Diwanji for 540,000 warrants and Nayana Balubhai Bhatt for 541,000 warrants. The transaction has been approved in the board meeting of the company.