Mini Diamonds India Limited announced a private placement of 20,000,000 convertible equity warrants at a price of INR 6.3325 per warrant for gross proceeds of INR 126,650,000 on February 29, 2024. The warrants will be convertible into one common share of the company at INR 18.9975 per share and will mature in 18 months from the date of the allotment. The securities will be issued on preferential basis.

The transaction included participation from new investors Shashank Doshi for 2,100,000 warrants, Hetal Doshi for 2,100,000 warrants, Varsha Thobhani for 2,100,000 warrants, Jignesh Thobhani for 2,100,000 warrants, and other investors. The securities will be issued on preferential basis. The transaction has been approved by the board of directors of the company.