Taylormade Renewables Limited announced a private placement of up to 699,728 at a price of INR 243 for proceeds of INR 170,033,904 and 542,000 fully convertible warrants at an issue price of INR 60.75 for proceeds of up to INR 32,926,500 for total proceeds of INR 202,960,404 on April 21, 2023. Each warrant is to be convertible at the option of the warrant holders in one or more tranches, within 18 months from the date of its allotment into equivalent number of fully paid up equity shares of the company of face value of INR 10 each at an exercise price of INR 182.25. The transaction will include participation from Mehul Choksi for 91,152 shares, Vaja Vandna Chdravadan for 44,000 shares, Ritu Behal for 40,000 shares and others as well as Nishi Bhogar for 290,000 warrants, Pragneshkumar Manikantbhai Joshi for 120,000 warrants Patel Shivamkumar for 66,000 warrants and other investors.

The transaction is subject to approval from Extraordinary General Meeting to be held on May 18, 2023.