Virtual Global Education Limited announced a private placement of up to 14,25,00,000 fully convertible warrants on preferential basis at an issue price of INR 0.25 per warrant, for the gross proceeds of INR 142,500,000 on August 25, 2023. The transaction will include participation from new investors Pearl Dealers Pvt Ltd, One Tree Hill Properties Private Limited, Orchard Road Properties Private Limited, Ayodhya Vincom Private Limited, Kiwi Dealcom Private Limited and Aryadeep Tie Up Private Limited for 23,750,000 warrants each. The warrants carry a right exercisable by the warrant holder to subscribe to one equity share having face value of INR 1 per warrant, at an exercise price of INR 0.75 to Non-Promoter.

The transaction has been approved by the board of directors of the company and is subject to shareholders approval and other statutory approvals. The transaction is expected to close between 20th September, 2023 and 27th September, 2023 for the purpose of 30th Annual General Meeting.