Adishakti Loha and Ispat Limited announced a private placement to issue 15,000,000 convertible warrants at an issue price of INR 2.875 for the gross proceeds of INR 43,125,000 on September 6, 2023. The transaction will include participation from new investors Alrick Constructions Private Limited for 3,750,000 warrants, Dolf Leasing Limited for 3,750,000 warrants, Prateek Securities Private Limited for 3,750,000 warrants and Pine View Portfolio Consultants Private Limited for for 3,750,000 warrants. The transaction has been approved by the directors and is subject to general meeting which is to be held on September 30, 2023.

The company expects to receive in multiple tranches. Post completion, the investors will own Alrick Constructions Private Limited for 3,750,000 warrants for 19.17% stake, Dolf Leasing Limited for 3,750,000 warrants for 19.17% stake, Prateek Securities Private Limited for 3,750,000 warrants for 19.17% stake and Pine View Portfolio Consultants Private Limited for for 3,750,000 warrants for 19.17% stake.