Kavit Industries Limited announced that it will issue 80,000,000 convertible equity warrants on preferential basis at the price of INR 0.75, for proceeds of INR 60,000,000 on May 16, 2023. The transaction was approved by the board of directors of the company. The company will receive 25% of the exercise price of the warrants as upfront payment as per the Securities Exchange board of India and the balance will be received at the time of exercise of warrants.