Earum Pharmaceuticals Limited announced a private placement to issue Warrants convertible into equal number of equity shares through preferential allotment for the gross proceeds of INR 990,000,000 on January 30, 2024. The transaction will include participation from new investors such as IFL Enterprises Limited, Moneystar Tradelink Private Limited, Eklingji Tradelink Private Limited, Ktyayani Tradelink Private Limited, Balmukund Tradelink Private Limited, Banke Tradelink Private Limited, Someshwara Tradelink Private Limited, Mithlesh Consultancy LLP, Satvat Agro LLP and individual investors such as Ankush Rajkumar Dabhane, Rajbhar Govindsingh Bhavnathsingh, Kuldeep Ranvirsingh Tomar and Rajput Manish. The warrants shall be convertible into equal number equity shares within a maximum tenure of 18 months from the date of allotment of the warrants.

As per SEBI (ICDR) Regulations, 2018, 25% of the total issue price shall be payable upfront and the balance 75% shall be paid before the exercise of option to convert the warrants into equity shares. In case the balance payment is not received with the maximum tenure of the warrants; the amount paid on the warrants shall get lapsed. The transaction has been approved by shareholders and other authorities concerned.