AF Enterprises Limite announced a private placement of 5,000,000 convertible equity warrants at a price of INR 25.25 per warrant for the gross proceeds of INR 126,250,000 on May 27, 2022. The transaction included participation from Tarun Malhotra for 1,250,000 warrants, Shruti Malhotra for 1,250,000 warrants, Arun Malhotra for 100,000 warrants, Tanvi Malhotra for 50,000 warrants, Raj Kumar Malhotra for 150,000 warrants, Rosy Grover for 50,000 warrants, Amit Grover for 50,000 warrants, Pankaj Suneja for 50,000 warrants, Kavita Suneja for 50,000 warrants, Anshul Sakhuja for 25,000 warrants, Mohit Gujral for 25,000 warrants, Aditi Sakuja for 25,000 warrants, Geeta Sakuja for 50,000 warrants, Gagan Deep for 25,000 warrants, Cholera Manisha Nilesh for 100,000 warrants, Cholera Nilesh Bhanubhai for 50,000 warrants, Manish Kapoor for 50,000 warrants, Kapil Mehta for 15,000 warrants, Gurpreet Mehta for 100,000 warrants, Pooja Jain for 100,000 warrants, Shakuntla Jain for 100,000 warrants, Santosh Kumar Kushawaha for 300,000 warrants, Morpheus Care Lirnited for 500,000 warrants, Thakker Kamleshkumar Prahladbhai HUF for 200,000 warrants and Thakker Rajeshkumar Prahladbhai HUF for 200,000 warrants. The company issued warrants on preferential basis.

The investors would invest 25% of the exercise price of warrants as upfront payment. The remaining 75% would be payable upon exercise of these warrants. The warrants issued would expire in 18 months from the date of issue.