AKM Lace and Embrotex Limited announced a private placement of 3,000,000 convertible equity warrants through preferential allotment at a price of INR 8.25 per convertible equity warrant for gross proceeds of INR 24,750,000 on September 8, 2022. The transaction will include participation from HMM Consultancy LLP for 250,000 warrants, Ingenius Investment Advisors LLP for 150,000 warrants, V Cats Consultancy LLP for 150,000 warrants, Send Grid Consultancy LLP for 150,000 warrants, Santan Investment Advisory LLP for 250,000 warrants, First Call Advisory India LLP for 750,000 warrants, also included individual investors Harsha R Kothari for 90,000 warrants, Ankita H Gulecha for 90,000 warrants, Niraj H Gulecha for 48,000 warrants, Hirachand P Gulecha for 42,000 warrants, Meena H Gulecha for 30,000 warrants, Hemant Shah for 200,000 warrants, Parasmal Shah for 150,000 warrants, Bhavnaben Shah for 150,000 warrants, Deepak Kharwad for 150,000 warrants, Babulal Kharwad for 150,000 warrants, Riyaz Mehmood Khatri for 80,000 warrants, Ibrahim Mehmood Khatri for 60,000 warrants and Firdaus Yaqub Khatri for 60,000 warrants. Each single warrant is convertible into equity share of the company, an amount equivalent to at-least 25% of the issue price shall be payable at the time of subscription and allotment of each convertible warrant and the balance 75% shall be payable at the time of exercise of such convertible warrant.

The warrants issued would expire in 18 months from the date of issue. All the securities will be issued on preferential allotment basis. The transaction has been approved by the board of directors of the company and subject to approval from the shareholders of the company.