Chemtech Industrial Valves Limited announced a private placement to issue equity shares and convertible warrants for a aggregate gross proceeds INR 187,000,000 on January 15, 2024. The company will issue 3,150,000 equity shares at a issue price INR 55 for a gross proceeds INR 173,250,000 and 1,000,000 convertible warrants at a issue price INR 13.75 for a gross proceeds INR 13,750,000. The transaction included participation from new investors, Amit Dalmia HUF for 50,000 shares, Sipin Vrajlal Sheth for 50,000 shares, D K Goya l HUF for 500,000 warrants, Dayakrish na Goyal for 500,000 warrants, Harsukh Nanchandbhai Desai for 50,000 shares, Jignesh H Desai HUF for 100,000 shares, Kalpana Sudhir Sheda for 100,000 shares, Krishnakumar T Singh HUF for 100,000 shares, Malap Dhaval Kothari for 50,000 shares, Naresh Gupta for 100,000 shares, Nipa Asim Shah for 100,000 shares, Pratibha Goyal for 500,000 shares, Rajesh M Mamania HUF for 100,000 shares, Ramesh Sawalram Saraogi for 100,000 shares, Rupesh Soni for 100,000 shares, Shailesh Hemant Dhamanka for 50,000 shares, Vikas Vijaykumar Khemani for 1,500,000 shares, Yash Investments for 100,000 shares .

The warrants have a total price of INR 55, of which the company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid upon exercise of warrants. Each warrant is exercisable to acquire one equity share of the company, at an exercise price of INR 41.25 per share for a period of 18 months from the date of closing. The company will issue securities on preferential basis.

The transaction has been approved by the board of directors and is subject to the approval of the members of the company and such appropriate authorities.