Walchandnagar Industries Limited announced a private placement of 7,810,000 common shares of face value of INR 2 each at INR 60 per share including premium of INR 58 per common share, on preferential basis for gross proceeds of not more than INR 468,600,000 on August 29, 2022. The transaction includes participation from new individual investors, Chakor L. Doshi for 60,800 shares for 0.13% stake, Chirag C. Doshi for 17,290 shares for 0.04% stake, Champa C. Doshi for 12,750 shares for 0.03% stake, new investor, Assets Care & Reconstruction Enterprise Ltd. for 3,210,000 shares for 7% stake, and existing investor, Walchand Great Achievers Pvt. Ltd. for 4,509,160 shares for its increase in stake from 0.91% to 10.59% stake in the company post-closing.

The transaction has been approved by the board of directors of the company. The transaction is subject to approval of the shareholders and such other regulatory/ statutory approvals as may be necessary. The shareholders meeting is expected to occur on September 28, 2022.