Shakti Pumps (India) Limited (BSE:531431) announced a private placement of 1,500,000 convertible warrants on December 11, 2013. The company will issue the warrants on a preferential basis to promoters and promoter groups of the company. The company will receive 25% of the exercise price as upfront payment at the time of issuance. The warrants will entitle the holder to purchase common shares of the company and the warrants will mature in 18 months from the date of issue. The board of directors of the company approved the transaction. The company expects to receive approval by the shareholders of the company at its Extra-Ordinary General Meeting to be held on January 9, 2014.

On January 9, 2014, the company announced that it has received approval for the transaction at the Extra-Ordinary General Meeting. The company will issue warrants at a price of INR 80.

On January 24, 2014, Shakti Pumps (India) Limited closed the transaction. The transaction included participation from Ankit Patidar, promoter group, directors, and relatives.