Varun Industries Limited announced a private placement of 500,000 Series A-1 optionally convertible redeemable non-cumulative preference shares at issue price of INR 10 per Series A-1 optionally convertible redeemable non-cumulative preference shares for gross proceeds of $5,000,000 on September 15, 2023. The transaction will includes participation from returning investor Kirloskar Oil Engines Limited. The transaction has been approved by the board of directors of the company.