7Seas Entertainment Limited announced a private placement to issue 3,662,116 convertible warrants at an issue price of INR 5.675 for the gross proceeds of INR 20,782,508.3 and 2,643,172 equity shares at an issue price of INR 22.70 for the gross proceeds of INR 60,000,004.4; aggregate gross proceeds of INR 80,782,512.7 on May 10, 2023. The transaction will include participation from non Promoters C Sushmitha for1,321,586 shares, Anjana Bangad for 265,586 shares, Aunradha Bangad for 264,000 shares, Sheela Bangad for 264,000 shares, Pranali Bangad for 264,000 shares, Sushma Bangad for 264,000 shares on a Preferential basis. The company also issued warrants C Sushmitha for 1,431,058 warrants, Anjana Bangad for 286,258 warrants, Aunradha Bangad for 286,200 warrants, Sheela Bangad for 286,200 warrants, Pranali Bangad for 286,200 warrants, Sushma Bangad for 286,200 warrants, Sheetal Sharma for 500,000 warrants, Snehalatha Krishnan for 150,000 warrants, M. Sudha for 150,000 warrants.

The convertible warrants are converted into common shares of the company. The transaction has been approved by the shareholders and is subject to the approval of shareholders. Maturity date of warrants issued under preferential allotment should be taken as 18 months from the date of allotment.