Time Technoplast Limited (BSE:532856) announced a private placement of 16,029,000 shares of par value INR 1 each at a price of INR 93.58 for gross proceeds of INR 1,499,993,820 on a preferential basis on December 13, 2016. The shares will be issued to a non -promoters NT Asian Disclovery India Fund, a fund managed by Ntasset (Cayman) Ltd. The transaction including letter of intent by the investor dated December 8, 2016 was approved at the meeting of the board of directors. The transaction is subject to an approval of the shareholders at the extra ordinary general meeting to be held January 7, 2017.