Agarwal Industrial Corporation Ltd. (BSE:531921) announced a private placement of 3,511,000 convertible warrants at INR 26.30 per warrant for gross proceeds of INR 92,339,300 on January 15, 2021. The transaction will include participation from 28 investors, including Nexpact Limited for 1,000,000 warrants, Valueworth Advisors LLP for 200,000 warrants, individual investors, Kishan Agarwal for 344,000 warrants, Mahendra Agarwal for 318,000 warrants, Jugal Kishore Agarwal for 302,000 warrants, Jaiprakash Agarwal for 170,000 warrants, Nilesh Agarwal for 109,000 warrants, Shailesh Agarwal for 95,000 warrants, Lalit Agarwal for 81,000 warrants, Uma Agarwal for 74,000 warrants, Pooja Vipin Agarwal for 57,000 warrants, Padma Agarwal for 46,000 warrants and other investors. The warrants are exercisable at any time within 18 months from the date of issuance. The warrants will be convertible into equity shares of the company. The securities issued are subject to hold period of one year from the date of issue. The transaction was approved by the board of directors of the company. The company will issue on preferential basis. The transaction is subject to shareholders' approval at its Extraordinary General Meeting to be held on February 8, 2021.