Centerac Technologies Limited announced a private placement of up to 500,000 optionally convertible debentures at a price of INR 10 per share for gross proceeds of INR 5,000,000 on February 16, 2022. The transaction included participation from Tanya Goyal for 50,000 shares, Kamlesh Thakur for 50,000 shares, Deep Lalvani for 50,000 shares, Sunil Mehta for 50,000 shares, Rajesh Chaturvedi for 50,000 shares, Concept Communication Limited for 2,50,000 shares. The debentures are issued on preferential basis.

The debentures have an interest rate of 5%, and have a term of 2 years from the date of allotment. The debentures will be converted at the option of debenture holder in the eighteenth month from the date of allotment. Each debenture will be converted into fully paid up equity shares at a price which would be the higher of INR 10 per share or price to be determined at the time of conversion in accordance with the pricing Regulation mentioned under Chapter V of SEBI ICDR Regulations.

The transaction has been approved at the extra-ordinary general meeting of the company.