Xpro India Limited announced a private placement of 1,435,750 prepaid warrants at a price of INR 341.25 per warrant for gross proceeds of INR 489,949,687.5 on December 19, 2023. The warrants will be convertible into one common share of the company at INR 633.75 per share which may be exercised in one or more tranches and will mature in 18 months from the date of the allotment. The company will receive 35% of the total amount, as upfront payment at the time of allotment of warrants and the remaining 65% will be paid within 18 months.

The transaction has been approved by the board of directors of the company. The security will be issued on preferential basis. The transaction still needs to be approved at the extra ordinary general meeting of the shareholders of the company to be held on January 16, 2024.

The transaction will include participation from returning investors Central India General Agents Ltd for 75,000 warrants; Janardhan Trading Co., Ltd. for 30,750 warrants; Evoke Management Services LLP for 80,000 warrants; Malabar India Fund Limited for 200,000 warrants, new investor Malabar Select Fund for 200,000 warrants, Malabar Midcap Fund for 100,000 warrants, funds managed by Malabar Investments, LLC; Vanaja Sundar Iyer for 240,000 warrants; Ashish Kacholia for 110,000 warrants; Urjita Jagdish Master for 150,000 warrants; Kamlesh N Shah for 100,000 warrants; Neepa K Shah for 100,000 warrants; new investor Paulastya Sachdev for 50,000 warrants.