Universal Autofoundry Limited announced that it expects to receive INR 61.68 million in funding from Indian Metalfoundry Institute Private Limited

Universal Autofoundry Limited announced a private placement of up to 1,542,000 fully convertible equity warrants, each convertible into, or exchangeable, at an option of Investor, within a maximum period of 18 months from the date of allotment of warrants into equivalent number of fully paid up equity share of the company of face value of INR 10 each at an issue price of INR 40 each for the gross proceeds of up to INR 61,680,000 on preferential issue basis on August 29, 2023. The transaction will include participation from new investor Indian Metalfoundry Institute Private Limited for 300,000 warrants for INR 48,000,000 and individual investors Vikram Jain for 3,50,000 warrants for INR 56,000,000, Vinit Jain for 3,50,000 warrants for INR 56,000,000, Anirudh Tyagi for 128,800 warrants for INR 20,608,000, Manju Tyagi for 1,57,800 warrants for INR 25,248,000, Gajendra Kumar Tyagi for 35,400 warrants for INR 5,664,000, Ullal Ravindra Bhat jointly with Usha Ravindra Bhat for 1,00,000 warrants for INR 16,000,000, Dharmesh Dalal for 1,00,000 warrants for INR 16,000,000 and Shivam Kiritbhai Vashi for 20,000 warrants for INR 3,200,000. The transaction has been approved by the board of directors of the company and is subject to approval of shareholders.

Prior completion, Vikram Jain holds 1,133,126 shares for 9.36% stake, Vinit Jain holds 1,145,627 shares for 9.46% stake and Gajendra Kumar Tyagi holds 19,281 shares for 0.16% stake. Post completion, Vikram Jain will hold 1,483,126 shares for 10.86% stake, Vinit Jain will hold 1,495,627 shares for 10.95% stake, Indian Metalfoundry Institute Private Limited will hold 300,000 shares for 2.20% stake, Anirudha Kumar Tyagi will hold 128,800 shares for 0.94% stake, Manju Tyagi will hold 157,800 shares for 1.16% stake, Gajendra Kumar Tyagi will hold 54,681 shares for 0.40% stake, Ullal Ravindra Bhat jointly with Usha Ravindra Bhat will hold 100,000 shares for 0.73% stake, Dharmesh Dalal will hold 100,000 shares for 0.73% stake and Shivam Kiritbhai Vashi will hold 20,000 shares 0.15% stake.