Vahanna Tech Edge Acquisition I Corp. announced a private placement and it has issued unsecured promissory note for gross proceeds of $660,330 on May 24, 2023. The note original issue discount of 10% and a principal amount of $726,363.

The note bears interest at a rate of 20% per annum and will be due and payable subject to the waiver against trust provisions on the earlier of the date on which the business combination is consummated and the date of the liquidation of the company. The maturity date of the note is earlier of 18 months from the closing of the initial public offering or up to 21 months from the closing of the initial public offering if the maker extends the period of time to consummate a business combination and the date on which the business combination is consummated. The note was issued pursuant to an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended.