Nishtha Finance and Investment (India) Limited (BSE:539311) announced a private placement of 3,300,000 prepaid warrants on September 29, 2018. The warrants will be convertible into one common share of the company at INR 16 per share and will mature in 18 months from the date of the allotment. The company will receive 25% of the total amount, which is INR 13,200,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. The warrants will be issued on preferential basis. The transaction was approved by the shareholders of the company at the annual general meeting.