Magnum Ventures Limited announced a private placement of 17,750,000 prepaid warrants on January 10, 2023. The warrants will be convertible into one common share of the company and will mature in 18 months from the date of the allotment. The company will receive 25% of the total amount, which is INR 110,937,500, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months.

The transaction will include participation from Parmod Kumar Jain, Pardeep Kumar Jain, Abhey Kumar Jain, and Parv Jain. The securities to be issued are subject to lock up period. The transaction has been approved by the board of directors of the company.