Saraswati Commercial (India) Limited (BSE:512020) announced a private placement of 29,000 common shares of par value INR 10 per share issued at a price of INR 3,665 per share for gross proceeds of INR 106,285,000 on March 19, 2021. The transaction will included participation from Non-Promoter Group, returning investor Marco Private Limited for 5,700 shares for INR 20,890,500 to hold 2.41% stake from 1.91%, new investor Mitsu Energy Private Limited for 16,400 shares for INR 60,106,000 to hold 1.59%, Promoter Group, returning investor Winro Commercial (India) Limited (BSE:512022) for 5,945 shares for INR 21,788,425 to hold 17.82% from 17.74% stake, returning investor Four Dimensions Commodities Pvt Ltd for 955 shares for INR 3,500,075 to maintain its stake at 3.1%. The shares are being issued at a premium of INR 3,655 per share.

The company will issue shares under preferential basis. The transaction has been approved by the board of directors of the company. The transaction is subject to receipt of the requisite statutory and regulatory approvals and the approval of the members of the company by passing a special resolution through Postal Ballot.

The shares to be allotted on a preferential basis to the Promoter group including Winro Commercial (India) Limited (BSE:512022) and Four Dimensions Commodities Pvt Ltd shall be locked-in for a period of 3 years from the date of trading approval granted for the shares being issued and the shares proposed to be allotted to the Non-Promoter investors including Marco Private Limited and Mitsu Energy Private Limited shall be locked-in for a period of 1 year from the date of receipt of trading approval granted for the shares, in accordance with requirements of SEBI ICDR Regulations.