Ashapura Minechem Limited announced a private placement to issue up to 4,040,000 warrants on preferential basis to the promoter group members Manan Shah and Ashapura Industrial Finance Limited, on January 2, 2023. The warrants converted into or exchanged with equity shares at a later date within a period of 18 months from the date of allotment of warrants. The transaction has been approved board of directors.