Magnum Ventures Limited announced a private placement that it will issue up to 1,23,25,000 warrants at an issue price of INR 40.10 per warrant for the aggregate gross proceeds of INR 494,232,500 on November 10, 2023. The transaction will include participation from returning investor, RMJ Securities PVT. Ltd. for 20,00,000 warrants and individual investors such as Parmod Kumar Jain, Pardeep Kumar Jain, Abhay Jain, Parv Jain for 20,00,000 warrants each and Veena Jain for 23,25,000 warrants.

The tenor of the warrants is 18 months from the date of their allotment. The warrants shall be convertible in one or more tranches. The transaction has been approved by the board of directors of the company.