Milgrey Finance and Investments Limited announced private placement of 32,700,000 convertible warrants on April 5, 2022. The transaction will include participation from Blue Angel Stock Brokers Private Limited, Nitesh Kanwarlal Chopra HUF, Skybridge Incap Advisory LLP, Ghanshyam Das Damani HUF, Rajkumar Prabhu Damani HUF, Rashi Gupta, Nirmal Lunkar, Sandeep Agarwal, Chandrashekhar, Pinkesh Jain, Amit Kumar Arora, Varun Bagdi, Varun Bagdi HUF, Saket Damani HUF, Saket Damani, Dimple Damani, Bina Rajkumar Damani, Shikha Vaibhav Rampuria, Ritika Rampuria, Manisha Vagdi and Krishna Hooda. The warrants are to be issued at a premium of INR 6 for an issue price of INR 16 per warrant.

The company will receive 25% of the total amount, which is INR 130,800,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid at maturity. The warrants will be issued on preferential basis. The warrants are convertible into equity shares at an exercise price of INR 10 per share within a period of 18 months from date of allotment.

The transaction has been approved by the board of directors of the company.