Swastika Investmart Limited announced that it expects to receive INR 82.415 million in funding from Share India Algoplus Private Limited and other investors

Swastika Investmart Limited announced a private placement that it will issue up to 10,60,000 warrants convertible into equivalent number of equity shares of the company having face value of INR 10 each at a price of INR 77.75 each payable in cash for the aggregate gross proceeds of INR 82,415,000 on November 7, 2023. Each of the warrants are convertible into equivalent number of equity shares within a period of eighteen months from the date of allotment. An amount equivalent to 25% of the consideration shall be payable at the time of subscription and allotment of warrants, and the remaining 75% of the consideration shall be payable on the exercise of options against each such warrant.

The transaction will include participation from new investor, Share India Algoplus Private Limited for INR 163,275,000 and individual investors such as Parth Nyati for INR 31,100,000, Sunil Nyati for INR 10,263,000, Devashish Nyati for INR 93,300,000 and Anita Nyati for INR 31,722,000. The transaction has been approved by the board of directors of the company.