On February 13, 2023, RMC Switchgears Limited closed the transaction. The company has issued 780,000 equity shares for gross proceeds of INR 54,600,000. The transaction included participation from individual investors Parkash Chand Gotham Chand for 100,000 shares and 1.46% stake, Rekha Gunavanth Kumar for 55,000 shares and 0.80% stake, Prashanl Mishra for 15,000 shares and 0.22% stake, Malav Prakashkumar Shah for 15,000 shares and 0.22% stake, Rajnikanth Meghji Shah for 15,000 shares and 0.22% stake, Naba Krushna Dash for 30,000 shares and 0.44% stake, Gaurav Singh for 35,000 shares and 0.51% stake, Bhavya Jain for 35,000 shares and 0.51% stake, Akash Kumar Sohanraj for 15,000 shares and 0.22% stake, Umedmal Golecha HUF for 20,000 shares and 0.29% stake, Nav Ratan Bhaiya for 15,000 shares and 0.22% stake, Kushalchand Vijaykumar for 15,000 shares and 0.22% stake, Trina Devang Vyas for 15,000 shares and 0.22% stake, Nidhi Thakkar for 20,000 shares and 0.29% stake, Surabhi Yash Shah for 15,000 shares and 0.22% stake, Kavita Jain for 10,000 shares and 0.15% stake, Rudra Mudhy B V for 10,000 shares and 0.15% stake, Ankit Agarwal for 100,000 shares and 9.76% stake and Ashok Kumar Agarwal for 100,000 shares and 22.33% stake also including Ceramet Consultants Pvt.

Ltd for 25,000 shares and 0.36% stake and Lumous Advisors LLP for 20,000 shares and 0.29% stake. The company has issued the securities on preferential basis.