Ashiana Ispat Limited announced a private placement of 8,750,000 common shares of face value of INR 10 each, at an issue price of INR 32 per equity share to the proposed subscriber for aggregate gross proceeds of INR 280,000,000 on a preferential issue bases on August 29, 2023. The transaction will include participation from new investor Ashiana Fincap Private Limited for 365,000 shares and individual investors Naresh Chand for 365,000 shares, Puneet Jain for 365,000 shares, Uma Jain for 365,000 shares, Swati Jain for 365,000 shares, Naresh Chand HUF for 362,500 shares, Palpandian Cheliya Thevar for 3,437,500 shares and Avinash Anant Joiel for 3,125,000 shares. The transaction has been approved by the board of directors of the company and is subject to shareholder's approval.