Velox Industries Limited announced a private placement of up to 12,500,000 common shares at an issue price of INR 10 per share for gross proceeds of INR 125,000,000 on June 29, 2022. The transaction will involve participation from new investors, Appu Financial Services Ltd, Suncare Traders Limited, Miker Financial Consultants Private Limited, Asset Management Arm, individual investors, Vinodkumar R Mali, Sanjay Kailashchandra Patodia, Amit Goyal, Mukesh Kanji Bhanushali, Manoj Mittal, Sushil D Sindhker, Piter Anil Almeida and Phillip Varghese. The shares will be issued on preferential allotment basis.

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