On October 18, 2022, Royale Manor Hotels and Industries Limited closed the transaction. The company has issued 1,000,000 convertible equity warrants at a price of INR 3.935 per warrant for total gross proceeds of INR 3,935,000 in the transaction. The right to the warrant holder to apply 1 equity share of the face value of INR 10 at a premium of INR 5.74 per equity share for each convertible warrants.

The transaction will include participation from Pioneer Buildcon Pvt Ltd. The warrants have a total price of INR 15.74, of which the company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid upon exercise of warrants. Each warrant is exercisable to acquire 1 equity share of the company, at an exercise price of INR 11.805 per share for a period of 18 months from the date of closing. The company will issue securities on preferential basis.

The transaction has been approved by the board of directors of the company.