Manaksia Coated Metals & Industries Limited announced a private placement of 22,400,000 warrants at a price of INR 4.5 per warrant for the gross proceeds of INR 100.8 million on August 19, 2023. Each warrants is convertible into equity share of the company at an exercise price of INR 13.5. The transaction will include participation from new investors, Silver Stallion Limited, for 4,300,000 warrants, Beacon Stone Capital VCC for 4,300,000 warrants, returning individual investors, Karan Agrawal for 4,800,000 warrants increasing its stake to 7.50%, Shailja Agarwal for 4,500,000 warrants increasing its stake to 5.68%, Tushar Agarwal for 4,500,000 warrants increasing its stake to 6.79%. The transaction has been approved by the shareholders of the company.