Tricom Fruit Products Ltd (BSE:531716) announced a private placement of common shares and prepaid warrants for gross proceeds of INR 255,528,000 on November 6, 2012. The company will issue 6,084,000 common shares at INR 36 per share for gross proceeds of INR 219,024,000. The company will also issue 4,056,000 prepaid warrants at INR 36 per warrant. The company will receive 25% of the price per warrant at the time of issuance and the remaining 75% will be received at the time of exercise of warrant. The warrants will be exercisable until 18 months from the date of issuance. The securities will be issued on preferential basis.

On the same date, the board of directors approved the transaction.

On November 10, 2012, the company announced that the shareholders of the company approved the transaction.

On January 3, 2013, Tricom Fruit Products Ltd closed the transaction. The company issued 3,901,000 pre paid warrants at INR 36 per warrant and 6,084,000 equity shares in the transaction for gross proceeds of INR 254,133,000. On the same day, the board approved the transaction. Out of total shares issued, 4,519,200 shares have hold period till January 2, 2014 and 1,564,800 shares have hold period till January 2, 2016.