Pincon Spirit Limited (BSE:538771) announced a private placement of 2,400,000 equity shares warrants at INR 33.75 per warrant for gross proceeds of INR June 6, 2016. The company will issue warrants to LTS Investment Fund Ltd. on preferential basis. The warrants are exercisable into 2,400,000 equity shares. The company will receive 25% of the exercise price as upfront payment at the time of issuance. Each warrant will entitle the holder to purchase one equity share with face value of INR 10 per share. The transaction has been approved at the 38th annual general meeting of the company.