On September 21, 2017 Sunil Hitech Engineers Limited (BSE:532711) closed the transaction. The company issued 119,102,564 warrants at a price of INR 14.43 per warrant for gross proceeds of INR 429.6625 to promoter and non promoters on preferential basis. The subscribers of the warrants will pay 25% of the consideration upfront and remaining 75% at the time of conversion. The company announced that the warrants can be converted into shares within 18 months of its date of allotment i.e. on or before 20th March, 2019.