Max Ventures and Industries Limited (BSE:539940) announced a private placement on preferential basis of 15,523,870 equity shares at a price of INR 78 per share for gross proceeds of INR 1,210,861,860 and 3,448,894 warrants at an issue price of INR 19.5 per warrant for gross proceeds of INR 67,253,433 for total proceeds of INR 1,278,115,293 on January 9, 2017. The transaction will include participation from promoter, Siva Enterprises Private Limited which will subscribe for 3,448,894 warrants representing a 4.76% stake on a fully diluted basis, and existing investor New York Life Insurance Co. for 15,523,870 shares. New York Life Insurance Co. will invest through its subsidiary, New York Life International Holdings Ltd, and will acquire a 22.51% stake in the company. Each warrant will be exercisable into common shares of the company at an exercise price of INR 58.5 for a period of 18 months. The company has received board approval and is subject to approval of shareholders at its extraordinary general meeting to be held on February 7, 2017.