Chandni Textiles Engineering Industries Limited announced a private placement of 800,000 shares of face value, INR 10 at a price of INR 50 per share for gross proceeds of INR 40,000,000 on January 19, 2022. The transaction will include participation from existing investors, Jayesh Ramniklal Mehta for 200,000 shares, Mangal Keshav Capital Limited for 300,000 shares, Ketan Pravinchandra Kamdar for 50,000 shares, Tejal Ketan Kamdar for 50,000 shares, Nayana Shah for 1000,000 shares, new investor, Mahek Ketan Kamdar and Hitesh Zaverbhai Makwana for 50,000 shares each for 0.30% stake respectively. Post to the transaction, Jayesh Ramniklal Mehta, Mangal Keshav Capital Limited, Ketan Pravinchandra Kamdar, Tejal Ketan Kamdar and Nayana Shah will hold 25.93%, 3.63%, 1.49%, 1.48% and 0.89% stake respectively.

The transaction has been approved by board of directors of the company and is still subject to approval of shareholders in an extra-ordinary general meeting to be held on February 11, 2022.