Suumaya Corporation Limited announced a private placement to issue up to 24,333,333 equity shares on May 27, 2023. The transaction will include participation from Ushik Gala, Ishita Gala, Dhanesh Mehta, Dhwani Mehta, Falguni Mehta, Bhushan Geriya and Bhakti Shah. The transaction has been approved by the board of directors.

The transaction is subject to approval of shareholders of the company. The company will issue shares in one or more tranches on preferential basis.