Modi Naturals Limited announced a private placement of up to 650,000 warrants at a price of INR 51.75 per warrant for gross proceeds of INR 33,637,500 on April 7, 2022. The company will issue securities to promoters or promoter group on preferential allotment basis, including existing investors Akshay Modi for 440,000 warrants, Anil Modi for 130,000 warrants, Neha Agarwal for 38,000 warrants and new investor Aditi Modi for 42,000 warrants. The warrants are priced at INR 207 including premium of INR 197, of which, the investors would invest 25% of the exercise price of warrants as upfront payment and remaining 75% would be payable upon exercise of these warrants.

The warrants will be issued within 15 days from passing of resolution. The warrants issued would expire in 18 months from the date of issue. The transaction was approved by the board of directors.

The transaction is subject to extraordinary general meeting of the shareholders on May 04, 2022. The warrants and shares to be issued upon exercise will be subject to lock-in period of 90 days