Novateor Research Laboratories Limited announced a private placement of 1,120,000 common shares at a price of INR 10 per share and 1,050,000 convertible equity warrants at an issue price of INR 7.125 for the gross proceeds of INR 7,481,250; aggregate gross proceeds of INR 18,681,250 on August 26, 2023. The warrants will be issued on preferential basis. The transaction has been approved by the shareholders of the company.

Post the completion of the transaction, the authorized capital of the company will be increased from INR 48,800,000 to INR 60,000,000. The transaction will include participation from new individual investors Navdeep Subhashbhai Mehta 36,000 warrants, Subhashchandra Maganlal Mehta 108,000 warrants, Jitin Jaysukhlal Doshi 300,000 warrants, Preeti Jitin Doshi 78,000 warrants, Reshma Nitin Doshi 78,000 warrants, Jaysukhlal Shantilal Doshi 78,000 warrants, Rushabh Jitin Doshi 48,000 warrants,Jainam Nitin Doshi 48,000 warrants, Yashika Jitin Doshi 48,000 warrants, Himani Nitin Doshi 48,000 warrants, Mathakia Indumati S 24,000 warrants, Patel Kinnar Kumar 18,000 warrants, Patel Kinjalben 18,000 warrants, Neelam Patel 12,000 warrants, Vishal Oza 12,000 warrants, Daivik Kirittbhai Modh 30,000 warrants, Modi Darshana Kantilal 30,000 warrants, Sudarshan Singh 12,000 warrants, Namrata Pankaj Deopura 6,000 warrants, Naurim Nasim Hemani 12,000 warrants and Nasim Murad Hemani 6,000 warrants.