Safari Manufacturing Limited announced that it will issue up to 75,000,000 redeemable preference shares at a price of INR 10 per share for gross proceeds of up-to INR 750,000,000 in a round of funding on February 7, 2024. The transaction will include participation from returning investor, Safari Industries (India) Limited. The shares are redeemable at the rate of 7.75%.The transaction is expected to be close on or before September 30, 2024 in one or more tranches.

The transaction has been approved by the board of directors of Safari Industries (India) Limited.