Panjon Limited announced a private placement of 2,563,532 convertible warrants at a price of INR 3.75 per warrant for gross proceeds of INR 9,613,245 on August 31, 2023. The warrants will be convertible into one common share of the company at INR 11.25 per share and will mature in 18 months from the date of the allotment. The securities will be issued on preferential basis.

The transaction has been approved by the board of directors of the company. The transaction included participation from new investor Jay Kothari.