Sharyans Resources Limited (BSE:511413) announced a private placement of 2,500,000 shares on preferential basis at a price of INR 75 per share for gross proceeds of INR 187,500,000 on November 8, 2012.

On the same day, the company received approval from the board of directors for the transaction.

On December 19, 2012, the shareholders approved the transaction by means of the postal ballot. As part of the transaction, the company resolved that it will issue 2,500,000 shares to Pishu V Chainani.

On January 3, 2013, Sharyans Resources Limited. closed the transaction.