Tirupati Industries (India) Limited (BSE:531547) announced a private placement of 4,300,000 convertible warrants on August 13, 2016. The warrants will be pre-paid. The warrants will be convertible into one common share of the company having a par value of INR 10 and will mature in 18 months from the date of the allotment. 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 within 18 months. If the investor is not able to pay the 75% within the maturity period then the warrants will expire and the upfront payment paid shall be forfeited. The warrants should be allotted within a maximum period of 15 days. The transaction has obtained approval from the board of directors of the company. The transaction is subject to shareholders' approval of the company at its 43rd annual general meeting to be held on September 30, 2016.