Five Core Exim Limited (BSE:530885) announced a private placement for gross proceeds of 29,350,000 on January 10, 2019. The company will issue 8,350,000 common shares at a price of INR 2 per share for proceeds of INR 16,700,000 and 25,300,000 convertible warrants at a price of INR 0.50 per warrant for proceeds of INR 12,650,000. The transaction involved participation from Surinder Kaur Kalra, Managing Director for 2,127,200 shares and 6,445,300 warrants; Amarjit Singh Kalra, non-executive director for 2,177,450 shares and 6,597,550 warrants; Jagjit Kaur Kalra for 2,027,330 shares and 6,142,670 warrants; and Surinder Singh Kalra for 2,018,020 shares and 6,114,480 warrants on a preferential basis. Each warrant is exercisable into common shares at a price of INR 1.50 per share for maximum tenure of 18 months. 25% of total issue price of warrants shall be payable up-front and balance 75% shall be paid before the exercise of warrants. The transaction has been approved by the board of directors of the company. The transaction is subject to approval of shareholders of the company in its extra-ordinary general meeting to be held on February 8, 2019 and other concerned authorities.