Sunil Hitech Engineers Limited (BSE:532711) announced a private placement of 124,000,000 convertible warrants on May 12, 2017. The warrants will be issued on a preferential basis and will be convertible into equity shares of the company. The transaction will include participation from promoters Sunil Ratnakar Gutte (HUF) for 37,000,000 warrants and VRG Digital Corporation Private Limited for 37,000,000 warrants, non-promoters Rohit Agrawal (HUF) for 9,300,000 warrants and other investors. The transaction has been approved by the board of directors of the company.