Indian Bright Steel Company Limited announced it has completed private placement of 50,00,000 Equity Shares of INR 10 each at an issue price of INR 16 per share for gross proceeds INR 80,000,000 and 25,00,000 fully convertible warrants at a price of INR 4 for gross proceeds INR 10,000,000, bringing total proceeds INR 90,000,000 on May 9, 2024. The transaction included participation from new investor, 3 Sigma Global Fund. On receipt of 25% of the warrant subscription money, 25,00,000 warrants have been allotted.

Each Warrant of INR 16 each is convertible into 1 equity share of the face value of INR 10 each fully paid up at a premium of INR 6 per share within a period of 18 months from the date of allotment