Jai Balaji Industries Ltd. (BSE:532976) announced a private placement of 22,605,000 convertible equity warrants at INR 2.5 per warrant for gross proceeds of INR 56,512,500 on January 8, 2016. The company will issue securities on preferential allotment basis. The transaction will include participation from Jaikapish Steel Private Limited, Shri Sankatmochan Steel Private Limited, Mahesh Kumar Keyal (HUF), and Mahabali Enterprises Private Limited.

The price of the warrants is INR 10 per warrant, out of which the company will receive 25% as upfront payment and remaining at the exercise of the warrant. The transaction has been approved by the company's board of directors. The transaction is subject to approval from company's shareholders and all statutory authorities.