Promax Power Limited announced a private placement on preferential allotment of equity shares of up to 2,100,000 at an issue price of INR 24 for aggregate gross proceeds of INR 50,400,000 on September 7, 2022. The transaction will include participation from strategic investors and non promoters including, individual investors, Sidhesh Raval for 100,000 shares, Bipin Raval for 100,000 shares, Nishant Shah for 100,000 shares, Gayatri Shah for 100,000 shares, Sangita Tundiya for 100,000 shares, Natvarsinh Chavda for 100,000 shares, Dipika Shah for 100,000 shares, Parag Shah for 300,000 shares and new investor, Ranjeet Mechatronics Limited for 1,000,000 shares. The transaction has been approved by the board of directors of the company.

After the completion of the transaction, Sidhesh Raval, Bipin Raval, Nishant Shah, Gayatri Shah, Sangita Tundiya, Natvarsinh Chavda and Dipika Shah will own 0.8% stake of the company's equity, Parag Shah will own 2.4% and Ranjeet Mechatronics Limited will own 8% stake of the company's equity.