Kesoram Industries Limited announced a private placement of common shares for gross proceeds of up to 3,174,603 common shares at a face value of INR 10, at a premium of INR 95 per share for gross proceeds of up-to INR 333,333,315 on July 21, 2021. The transaction will include participation from Usinara Trading And Services Private Limited. The company also issued convertible warrants at a price of INR 105 per warrant aggregating up to INR 666,666,630. Each warrant is convertible into 1 equity share of face value of INR 10 at a premium of INR 95. The warrant would be allotted only upon payment of 25% of the price of warrant at the time of allotment, which is INR 166,666,657. Each warrant is convertible into one Equity Share and the conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches, as the case may be and on such other terms and conditions as applicable. The company will issue securities through preferential allotment basis. The transaction has been approved by the board of directors of the company. The transaction is subject to receipt of requisite statutory and regulatory approval including approval of the shareholders of the company.

On August 4, 2021, the company announced that it has received proposal to cancel the transaction which will be approved in the meeting to be held on August 17, 2021.