Som Distilleries & Breweries Limited (BSE:507514) announced that it will raise up to INR 1,090,000,000 of funding on June 1, 2018. The company will issue common shares for gross proceeds up to INR 1,000,000,000 and pre-paid warrants for gross proceeds up to INR 90,000,000. The securities are being issued to promoter and promoter group pursuant to preferential allotment. The investors would invest 25% of the exercise price of warrants as upfront payment. The remaining 75% would be payable upon exercise of these warrants. The warrants issued would expire in 18 months from the date of issue. The transaction has been approved by the companys board of directors and is subject to approval from the shareholders at the extra ordinary meeting to be held on June 29, 2018 and approval from regulatory authorities.