PCBL Limited announced a private placement to issue up to 16,000,000 at a price of INR 280 per warrant for the aggregate gross proceeds of INR 4,480,000,000 on March 27, 2024. The transaction will include participation from new investors such as Rainbow Investments Limited, Quest Capital Markets Limited and STEL Holdings Limited. Each Warrant will be convertible into, or exchangeable for one fully paid-up equity share of the company of face value of INR 1 which may be exercised in one or more tranches during a period of 18 months commencing from the date of allotment of warrants.

The transaction has been approved by the board of directors of the company.