KBS India Limited announced a private placement for gross proceeds of INR 53,700,000 on August 27, 2022. The company will issue 1,300,000 shares at an issue price of INR 30 per share for proceeds of INR 39,000,000, 10,00,000 Warrants at an issue price of INR 7.5 per warrant of proceeds of INR 7,200,000 and 72,000 6% non-convertible redeemable preference shares at an issue price of INR 100 per share for proceeds of INR 7,200,000. The transaction will include participation from Suresh B. Shah for 1,300,000 shares, Priti Suresh Shah for 500,00 warrants, Rambha Nagraj Mutha for 100,000 warrants, Chandra Ritesh Mutha for 100,000 warrants, Bharti Anil Mutha for 100,000 warrants, Harsh Ritesh Mutha for 100,000 warrants, Pakshal Anil Mutha for 100,000 warrants and Tushar Suresh Shah for 72,000 preference shares.

The transaction was approved by the board of directors of the company. The company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid at maturity.