Syncom Formulations (India) Limited (BSE:524470) announced a private placement of up to 159,347,820 prepaid warrants at INR 0.6325 per warrant for gross proceeds of up to INR 100,787,496.15 on December 18, 2020. The round will include participation from promoter and promoter group on preferential basis. The company will receive 25% of the total amount, which is INR 100,787,496.15 as upfront payment at the time of allotment of warrants and the remaining 75% will be received within 18 months. The warrants will be exercisable into common shares at INR 1.8975 per share in one or more tranches within a period of 18 months. Each common share to be issued will have a par value of INR 1. The transaction is subject to shareholder’s approval in extra ordinary general meeting to be held on January 12, 2021. The board of directors of the company approved the transaction.