Indo Rama Synthetics (India) Limited (BSE:500207) announced a private placement of 83,000,000 equity shares on preferential basis at a price of INR 36 per share for gross proceeds of INR 2,988,000,000 on January 15, 2019. The shares are being issued at a premium of INR 26. The transaction will include participation from promoter group Indorama Netherlands B.V. The transaction was approved by the board of directors in 20th meeting of the board of directors.