VIP Clothing Limited announced a private placement of 10,150,000 pre-paid preferential convertible warrants at an issue price of INR 42 per warrant for aggregate gross proceeds of INR 426,300,000 on December 9, 2022. Upon issuance of warrants an amount of INR 10.5 for each warrant shall be payable by the warrant holders at the time of subscription for proceeds of up to INR 106,575,000 and allotment of each warrant and the balance INR 31.5 for each warrant shall be payable by the warrant holders on the exercise of the warrants. The transaction will include participation from Sunil Jaykumar Pathare for 1,500,000 warrants, Kapil Jaykumar Pathare 1,500,000 warrants, Kanishk Sunil Pathare for 500,000 warrants, Shankar Shashi Sharma for 1,500,000 warrants, Rajyavardhan Sonthalia for 200,000 warrants, Shaurya Vardhan Sonthalia for 200,000 warrants, Kanchi Chawla for 100,000 warrants, Vikas Gupta for 100,000 warrants, Tilokchand P. Ostwal for 100,000 warrants, Hetal Chetan Mehta for 1,100,000 warrants, Raj Chetan Mehta for 200,000 warrants, Jay Chetan Mehta for 200,000 warrants, Sunil Kumar Alagh for 100,000 warrants, Sarabpreet Kaur for 500,000 warrants, Bhanvar Lal Chandak for 100,000 warrants, Shalaka Devendra Chawla for 100,000 warrants, Kishor Shah for 100,000 warrants, new investors, Antara India Evergreen Fund Ltd. for 1,500,000 warrants, Aidos India Fund Ltd for 400,000 warrants and Sonia Vyas for 150,000 warrants.

The transaction has been approved by the board of directors of the company.