On April 7, 2023, Shrydus Industries Limited closed the transaction. The company has issued 17,50,000 convertible equity warrants at issue price of INR 3.75 per warrant for gross proceeds of INR 6,562,500 in its final tranche closing. The warrants are going to be convertible into common shares of the company at an exercise price of INR 11.25 per share for a period of 18 months from the date of closing.

The warrants are issued on the preferential basis. The transaction has been approved by the board of directors of the company.