On March 22, 2016, Jai Balaji Industries Ltd. closed the transaction. The transaction included participation from Jaikapish Steel Private Limited for 6,250,000 warrants, Shri Sankatmochan Steel Private Limited for 6,250,000 warrants, Mahesh Kumar Keyal (HUF) for 6,500,000, and Mahabali Enterprises Private Limited for 3,605,000 warrants. The transaction has been approved by the board of directors of the company.