Birla Precision Technologies Limited announced that it expects to receive INR 101.056 million in funding from Zenith Dye-Intermediates Ltd., Anantroop Financial Advisory Services Pvt. Ltd.

Birla Precision Technologies Limited announced a private placement of up to 716,500 common shares at a price of INR 64 per share for gross proceeds of INR 45,856,000; and up to 3,450,000 convertible warrants at a price of INR 64 per convertible warrant for gross proceeds of INR 220,800,000; for aggregate gross proceeds of INR 266,656,000 on February 19, 2024. The securities will be issued on preferential basis. The warrants will be convertible into one common share of the company at INR 48 per share and will mature in 18 months from the date of the allotment.

The transaction included participation from returning investor Zenith Dye-Intermediates Ltd. for 716,500 shares; and 2,400,000 warrants, and new investor Anantroop Financial Advisory Services Pvt. Ltd. for 1,050,0000 warrants. The transaction has been approved by board of directors of the company.