MMRFIC Technology Pvt. Ltd. has announced it has entered into a definitive agreement for the gross proceeds of INR 200.0052 million on March 30, 2023. The company has issued 1,49,250 Compulsory Convertible Preference Shares of INR 100 each with a premium of INR 1,240 per Compulsory Convertible Preference Shares and 17 equity shares of INR 1 each with a premium of INR 599 per share.

The transaction included participation from new investor Sansera Engineering Limited. Sansera Engineering Limited will acquire 21% stake in MMRFIC Technology Pvt. Ltd.