Gujarat Terce Laboratories Limited announced a private placement of 371,000 convertible equity warrants at a price of INR 9.425 per warrant for the gross proceeds of INR 3,496,675 on March 29, 2024. The transaction will include participation from new individual investor Prajapati Aalap Natubhai. The transaction has been approved by the shareholders of the company and is subject to approval of extraordinary general meeting of the company to be held on April 25, 2024.

The warrants are convertible into fully paid-up equity shares of the company of face value of INR 10 which may be exercised in one or more tranches at an exercise price of INR 28.275 each during a period of 18 months commencing from the date of allotment of Warrants.