Nanavati Ventures Limited announced a private placement of 3,333,000 pre-paid warrants at a price of INR 11.25 per warrant for gross proceeds of INR 37,496,250 on February 25, 2023. The transaction will involve participation from 17 individual investors including, Chhotelal Chaudhari for 67,000 warrants, Chhotelal Chaudhari HUF for 55,000 warrants, Manjuben Jayantibhai Vagdoda for 178,000 warrants, Ashaben Dharamshibhai Vala 55,000 warrants, Pinkeshkumar Rajnibhai Patel HUF for 89,000 warrants, Chandubhai Lallubhai Nai for 110,000 warrants, Taraben Chandubhai Nayi for 89,000 warrants, Dilip Narsinhbhai Patel for 134,000 warrants, Parshottambhai Zaverbhai Patel for 167,000 warrants, Demaben Khagaji Solanki 167,000 warrants, Kantaben Narshibhai Palaja for 100,000 warrants, Monikaben Pratikkumar Valandf for 167,000 warrants, Kirtibhai Chamanbhai Adhgama for 167,000 warrants, Maheshji Chothaji Thakor for 89,000 warrants, Urmilaben Nagjibhai Gohil for 55,000 warrants, Kantibhai Raychandbhai Palaja for 89,000 warrants, Kashmira Hemantkumar Nanavati for 1,555,000 warrants. Post-closing of the transaction, stake of Kashmira Hemantkumar Nanavati will reduce from 52.13% stake to 48.47% stake in the company.

Each warrant is convertible into one ordinary shares and the conversion can be exercised at any time within a period of 18 months from the date of issue of the warrants in one or more tranches as the case may be and on such other terms and conditions as applicable. The 25% of the total consideration payable shall be payable at the time of issue and in case the promoters do not exercise their right to convert the warrants into equity shares the amount paid shall be forfeited. The company will issue the warrants through preferential allotment basis.

The transaction has been approved by the board of directors of the company and requires approval from the Extraordinary General Meeting of its shareholders.