Prime Industries Limited announced a private placement of 5,350,000 fully convertible warrants at issue price of INR 3.25 per warrant for gross proceeds of INR 17,387,500 on April 3, 2023. The warrants are going to be convertible into common shares of the company at an exercise price of INR 9.25 per share. The warrants are issued on the preferential basis.

The transaction will include participation from individual investors Isha Singhania for 100,000 warrants, Priyanka Thukral Arora for 100,000 warrants, Race Eco Chain Limited for 4,350,000 warrants, Sangeeta Pareekh for 425,000 warrants and Anisha Malik for 375,000 warrants. The transaction has been approved by the board of directors of the company.