Kamdhenu Limited announced a private placement of up to maximum of 2,750,000 pre-paid convertible equity warrants at an issue price of INR 88.25 per warrant for the gross proceeds of INR 242,687,500 on a preferential basis on January 13, 2024. Each warrant is convertible into 1 equity share of INR 10 each and the conversion can be exercised at any time within a period of 18 months from the date of allotment of warrants, in one or more tranches. Option for conversion of warrants shall be available upon payment of full price of warrant before such exercise of option.

The warrants are exercisable at an exercise price of INR 264.75. The transaction will include participation from new investors Minerva Ventures Fund managed by Minerva Ventures for 897,200 warrants, Nav Capital VCC- Nav Capital Emerging Star Fund managed by Turning Leaf Asset Management Pte. Ltd. for 500,000 warrants, Arrow Emerging Opportunities Fund Limited for 500,000 warrants, Ariston Capital Limited for 200,000 warrants and individual investors Diwakar Aggarwal for 200,000 warrants, Advik Gaur for 170,000 warrants, Shekhar Jalan for 1,16,400 warrants, Navneet Jain for 1,16,400 warrants, returning investor Vipil Agarwal for 50,000 warrants.

The transaction has been approved by the shareholders of the company and is subject to approval of shareholders of the company at their Extra Ordinary General Meeting to be held on February 8, 2024. Pre-issuance, Vipil Agarwal holds 5,000 warrants for 0.20% stake. Post issuance, Minerva Ventures Fund managed by Minerva Ventures will hold 897,200 warrants for 3.02% stake, Nav Capital VCC- Nav Capital Emerging Star Fund managed by Turning Leaf Asset Management Pte.

Ltd. will hold 500,000 warrants for 1.68% stake, Arrow Emerging Opportunities Fund Limited will hold 500,000 warrants for 1.68% stake, Ariston Capital Limited will hold 200,000 warrants for 0.67% stake, and individual investors Diwakar Aggarwal will hold 200,000 warrants for 0.67% stake, Advik Gaur will hold 170,000 warrants for 0.57% stake, Shekhar Jalan will hold 116,400 warrants for 0.39% stake, Navneet Jain will hold 116,400 warrants for 0.39% stake, Vipil Agarwal will hold 55,000 warrants for 0.19% stake.