R & B Denims Limited announced a private placement of 20,000,000 warrants at a price of INR 8 per warrant for the gross proceeds of INR 160,000,000 on September 1, 2023. The warrants will be convertible into one common share at an exercisable price of INR 24 per share. The transaction will include participation from new investors Komalay Investrade Private Limited for 2,000,000 warrants, Komal Malaykumar Bhow for 1,000,000 warrants, Komal Projects LLP for 1,000,000 warrants, Malay R. Bhow HUF for 1,000,000 warrants, Malay Rohitkumar Bhow for 1,000,000 warrants, Nilaben Rohitkumar Bhow for 1,000,000 warants, Rohit Shantilal Bhow HUF for 1,000,000 warrants, Rohitkumar Shantilal Bhow for 1,000,000 warrants, Viral Malaybhai Bhow for 1,000,000 warrants, Deven M Shah for 4,000,000 warrants, Dhiren Mahendrakumar Shah for 4,000,000 warrants and Kripalsinh Parmar for 2,000,000 warrants.

The tenure of the warrants shall not exceed 18 months from the date of allotment.