Investcorp India Acquisition Corp announced that it has entered into a purchase agreement for a private placement of 7,500,000 warrants at a price of $1 per warrant with ICE I Holdings Pte. Ltd for 20% stake for gross proceeds of $7,500,000 on July 14, 2021. The company will grant an over-allotment option to purchase 750,000 warrants.

Each warrant exercisable to purchase one share of its class A common stock at $11.50 per share, at a price of $1.50 per warrant, after the 30 days of its initial business combination and twelve months from the closing of this offering. The warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The private placement warrants will be non-redeemable and exercisable on a cashless basis so long as the investor or its permitted transferees hold them.

Once the warrants become exercisable, the company may redeem the outstanding warrants subject to conditions. The securities will subject to a hold period of 30 days after the completion of the transaction.