Pioneer Embroideries Limited announced a private placement of 3,840,000 share warrants convertible into equal no. of equity shares on preferential basis at an issue price of INR 10.75 per warrant for the gross proceeds of INR 41,280,000 on August 18, 2023. Each warrant is convertible into 1 ordinary equity share and the conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches, as the case may be and on such other terms and conditions as applicable.

The transaction will include participation from new investor Tano Investment Opportunities Fund managed by Tano Capital, LLC for 2,500,000 warrants and individual investor Raj Kumar Sekhani for 1,340,000 warrants. The transaction has been approved by the shareholders of the company.