Jai Balaji Industries Limited announced a private placement of 50,000,000 warrants at an issue price of INR 13 each for gross proceeds of INR 650 million on April 21, 2022. The transaction will include participation from new promoters Hariaksh Industries Private Limited for 20,000,000 warrants and for 12.47% shareholding, Shri Mahatejas Vinimay Private Limited for 10,000,000 warrants and for 6.23% shareholding, Shri Keshrinandan Trade Private Limited for 10,000,000 warrants and for 6.23% shareholding and Mahananda Securities Limited for 10,000,000 warrants and for 6.23% shareholding. Each single warrant is convertible into equity share of the company, an amount equivalent to at-least 25% of the issue price shall be payable at the time of subscription and allotment of each convertible warrant and the balance 75% shall be payable at the time of exercise of such convertible warrant.

The warrants issued would expire in 18 months from the date of issue. All the securities will be issued on preferential allotment basis. The transaction has been approved by the board of directors of the company and subject to approval from the shareholders of the company.