Garnet International Limited announced that it expects to receive INR 13.5 million in funding from Nexpact Limited, Anoop Jain HUF, and other investor

Garnet International Limited announced a private placement of 1,500,000 convertible equity warrants of face value of INR 10 each on October 12, 2021. The transaction will include participation from new investors, Nexpact Limited for 1,100,000 warrants, Anoop Jain for 200,000 warrants, and Anoop Jain HUF for 200,000 warrants. The warrants are convertible into common shares of the company at INR 27 per share in 18 months from the date of the allotment.

The company will receive 25% of the total amount, which is INR 13,500,000 as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. The transaction has been approved by the board of directors of the company.