PMC Fincorp Limited announced that it expects to receive INR 17.5 million in funding from Prabhat Management Services Pvt. Ltd.

PMC Fincorp Limited announced a private placement of up to 70,000,000 convertible warrants at issue price INR 0.25 per warrant for gross process INR 17,500,000 on January 19, 2022. The face value of warrant is INR 1 per warrant. The warrants will be convertible into one common share of the company of face value of INR 1 per share and will mature in 18 months from the date of the allotment.

The company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. The company will issue the warrants on a preferential basis, 20,000,000 warrants to promoters and 50,000,000 to non-promoters of the company. The board of directors approved the transaction.

The transaction is subject to shareholders' approval and regulatory approvals. The transaction include participation from non-promoters including Bhavya Dhiman, Kevin Maheshkumar Shah, Shah Aagam Maheshbhai, Salvi Dipak Mathurbhai, promoters including Prabhat Modi, Prabhat Management Services Private Limited.