Captain Pipes Limited announced announced a private placement of 1,000,000 convertible warrants at a price of INR 16.25 per share for gross proceeds of INR 16,250,000 on February 3, 2022. The transaction will include participation from promoter Rameshbhai Devrajbhai khichadia for 300,000 warrants, also included non-promoters and returning investor Captain Polyplast Limited for 450,000 warrants, Bhartiben Hitershbhai Gaudani for 100,000 warrants, Kirtan Vihalbhai Dobariya for 50,000 warrants and Ami Darshan Karia for 100,000 warrants. The warrants are being issued on preferential basis and are convertible into equal common shares of the company within eighteen months from the date of allotment with an exercise price of INR 43.75 per share.

The transaction has been approved by the board of the directors of the company and is still subject to approval of shareholders of the company.