On February 14, 2023, Ashapura Minechem Limited closed the transaction. The company has announced that it has issued 4,040,000 convertible warrants at issue price INR 95.96 per warrant for gross proceeds of INR 96,919,600. Out of total issue price, only 25% of the warrant price is received on allotment which was utilized for general corporate purpose.

The remaining 75% would be payable upon exercise of these warrants.