Ashapura Intimates Fashion Limited (BSE:535467) announced a private placement of convertible warrants on preferential allotment basis for gross proceeds of INR 27,000,000 on May 30, 2017. The transaction includes participation from new investor HT Media Limited (BSE:532662). The company will issue remaining 81,000,000 at end of exercise period.

The board of directors of the company has approved the transaction. Each warrant entitles the holders to acquire one common share of the company. The transaction is subject to approval of shareholders for the aforesaid purpose at the upcoming annual general meeting of the company.