Gujarat Foils Ltd. (BSE:531410) announced a private placement of convertible/non-convertible non-cumulative redeemable preference shares for gross proceeds of up to INR400,000,000 on September 23, 2015. The shares have a face value of INR 10 per share. The shares will carry a dividend of up to 10% per annum and are to be redeemed within a period of 20 years.

The transaction was approved at 23rd Annual General Meeting of the shareholders.