Kay Power and Paper Limited announced a private placement of 25,900,000 warrants at a price of INR 7.525 for the gross proceeds of INR 194,897,500 on April 15, 2024. The warrants will be exercisable at an exercise price of INR 22.575 per warrant. Each of the warrants, so allotted, is convertible into or exchangeable for one fully paid-up equity share.

The transaction will include participation from new investor, Kay Nitroxygen Private Limited for 7,300,000 warrants, Aryan Malik for 800,000 warrants, Ranjan P Budhiraja for 200,000 warrants, Rishab Kankaria HUF for 100,000 warrants, Atul Saluja HUF for 400,000 warrants and other investors. The transaction has been approved by the shareholders of the company.