Autoline Industries Limited (BSE:532797) announced a private placement for aggregate gross proceeds of INR 391,250,000 on March 16, 2021. The company will issue 70,00,000 shares at a price of INR 40 per share and 1,000,000 share warrants at a price of INR 45 per warrant on preferential basis .The common shares included participation from Utpal Seth for 2,250,000 shares, returning investor Sharjah Cement and Industrial Development Company Limited for 1,000,000 shares, Eton Investment Services Private Limited for 500,000 shares, Abhijeet Pai for 500,000 shares, Shivaji Akhade for 1,875,000 and Sudhir Mungase for 875,000 shares. The warrants will be issued to shivaji Akhade and Sudhir Mungase.

The transaction was approved by board of directors. The transaction is subjected to shareholders approval and other necessary approvals.