Ishan Dyes & Chemicals Limited announced a private placement of 5,000,000 convertible warrants at an issue price of INR 61 per warrant including a premium of INR 51 per warrants for gross proceeds of INR 305,000,000 on July 1, 2021. The transaction included participation from promoters Anilaben Piyushbhai Patel, Shrinal Piyushbhai Patel, Mirali Patel, non- promoters Rakesh Ramanlal Shah, Shaishav Rakeshkumar Shah, Seraphim Ventures Private Limited and public investors. The securities are issued on preferential basis. The transaction is approved by the board of directors of the company. The transaction is subjected to the approval of shareholders in Extra Ordinary General Meeting to be held on July 30, 2021, approvals of Securities and Exchange Board of India, other applicable laws and regulations. The company will receive 25% of the total amount, which is INR 76,250,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid post the allotment.