Shalibhadra Finance Limited announced a private placement of 1,996,900 convertible warrants at a price of INR 33.135 per convertible warrants for a total gross proceeds of INR 66,167,281.5 on March 7, 2022. The transaction will include participation from promoters including Sheetal Minesh Doshi for 600,000 convertible warrants, Minesh M. Doshi for 600,000 convertible warrants, Vatsal Minesh Doshi for 429,000 convertible warrants, Manoj Bishan Mitral for 50,000 convertible warrants, Aarti Mukesh Bhanushali for 50,000 convertible warrants, Harsukh N. Desai for 157,900 convertible warrants and Rakesh Shantilal Sanghavi for 110,000 convertible warrants. The company will issue convertible warrants through preferential allotment basis.

The transaction has been approved in the extra ordinary general meeting. The convertible warrants will convert till the last and the final date of conversion of warrants shall be 27th September, 2023 at an exercise price of INR 99.405.