Magnum Ventures Limited announced a private placement of 12,325,000 warrants at a price of INR 10 per share for the gross proceeds of INR 123.25 million on August 21, 2023. Each of the warrants is exercisable into 1 equity share at an exercise price of INR 30. The tenor of the warrants is 18 months from the date of their allotment.

The warrants shall be convertible in one or more tranche. The warrants will be issued on preferential basis. The transaction will include participation from new investor, RMJ SECURITIES PVT.

LTD., for 20,00,000 warrants for 2.96% stake in the company, returning investors, Parmod Kumar Jain for 20,00,000 warrants, increasing its stake to 9.81% in the company, Pardeep Kumar Jain, for 20,00,000 warrants, increasing its stake to 9.81% in the company, Abhay Jain for 20,00,000 warrants, increasing its stake to 10.63% in the company, Parv Jain for 20,00,000 warrants, increasing its stake to 9.51% in the company, Veena Jain for 23,25,000 warrants increasing its stake to 4.01% stake in the company.