Safari Industries (India) Limited (BSE:523025) announced a private placement of 1,315,790 compulsorily convertible debentures at an issue price of INR 570 for gross proceeds of INR 750,000,300 on February 23, 2021. The transaction will include participation from new investor Investcorp Private Equity Fund II, a fund managed by Investcorp Holdings B.S.C. (BAX:INVCORP). The debentures are convertible into 1,315,790 shares representing 5.55% stake at a price of INR 570 per share which include INR 568 per share as premium.

The face value of the debentures is INR 2 per debenture. The debentures are convertible any time at the discretion of the Investor, on or before the date falling within 18 months from the date of allotment of the debentures. The transaction has been approved by the board of directors of the company and is still subject to shareholder's approval in an extra-ordinary general meeting to be held on March 19, 2021.