North Eastern Carrying Corporation Limited announced a private placement of up to 46,25,062 convertible equity warrants at a price of INR 8.0125 per warrant for the gross proceeds of INR 37,058,309.275 on February 14, 2024. The transaction will include participation from new individual investors Sunil Kumar Jain for 39,55,062 warrants and Hemant Kumar Aggarwal for 670,000 warrants. The transaction has been approved by the shareholders of the company and is subject to approval of Extraordinary General Meeting of the shareholders to be held on March 08, 2024.

The tenure of the warrants shall not exceed 18 months from the date of allotment. Each warrant shall carry a right to subscribe 1 Equity Share per warrant, which may be exercised in one or more tranches during the period commencing from the date of allotment of warrants until the expiry of 18 months from the date of allotment of the warrants. The warrant exercise price is INR 24.0375.

Post allotment, Sunil Kumar Jain will hold 39,55,062 warrants for 3.96% stake and Hemant Kumar Aggarwal will hold 670,000 warrants for 0.67% stake.