Pooja Entertainment and Films Limited announced a private placement of up to 33,000,000 convertible equity warrants convertible into Equity Shares at a price of INR 7.5 per warrant for the gross proceeds of INR 247,500,000 on February 14, 2024. The transaction will include participation from new investors Vashu Bhagnani for 1,37,50,000 warrants, Puja Vashudev Bhagnani for 1,650,000 warrants, Jackky Vashudev Bhagnani for 5,000,000 warrants, Deepshikha Dhiraj Deshmukh for 3,300,000 warrants, Rejoice Developers Private Ltd for 3,300,000 warrants, Craft Emerging Market Fund PCC - Citadel Capital Fund managed by Elite Capital Management Group, LLC for 2,000,000 warrants, Citadel Capital Management, Inc., Craft Emerging Market Fund PCC - Elite Capital Fund managed by Elite Capital Management Group, LLC for 2,050,000 warrants, Jagdish Kumar Madanlal Gupta for 350,000 warrants, Kusum Jagdish Gupta for 350,000 warrants, Prompt Vanijya LLP for 500,000 warrants, Intellect Money Finvest Private Limited for 2,300,000 warrants and Endu Infra Services Private Limited for 100,000 warrants. The transaction has been approved by the shareholders of the company and is subject to the approval of shareholders in ensuing Extra-Ordinary General Meeting and other statutory and regulatory approvals.

Each Warrant would be convertible into one equity share of face value of INR 10 each and the rights attached to the Warrants can be exercised at any time within the period of 18 months from the date of allotment the Warrants. The warrant exercise price is INR 22.5.