Generic Engineering Construction and Projects Limited announced a private placement of common shares and warrants for proceeds of INR 262,845,000 on January 13, 2023. The company will issue 6,750,000 shares at an issue price of INR 32.40 per share for proceeds of INR 218,700,000 and 5,450,000 warrants for proceeds of INR 44,145,000. The transaction will include participation of common shares for Meet N Mehta for 500,000 shares, Narendrakumar Mansukhlal Mehta for 500,000 shares, Sachin Mohanlal Kakrecha for 500,000 shares, Saint Capital Fund for 1,500,000 shares, Moneyleader Finance India Private Limited for 1,600,000 shares, Shahzad Akhtar for 700,000 shares, Veena Dudeja for 600,000 shares, Vishal Dudeja for 600,000 shares, Chirag Shah for 250,000 shares, for warrants Brijesh Jitendra Parekh for 200,000 warrants, Manish Upendra Shanghvi for 1,000,000 warrants, Sachin Mohanlal Kakrecha for 600,000 warrants, Shah Sapna Devang for 200,000 warrants, Deepashree Vemuri for 100,000 warrants, Enhanced Business Advisors LLP for 700,000 warrants, Kanchi Chawla for 700,000 warrants, Shankar Shashi Sharma for 500,000 warrants, Chirag Shah for 250,000 warrants, Kalpana Rohitkumar Shah for 200,000 warrants and Sudha Gandh for 1,000,000 warrants.

The warrants are convertible into common shares of the company. The warrants have a par value of INR 5 and are issued at a premium of INR 27.4 for an issue price of INR 32.40 per warrant. The company will receive 25% of the total amount, which is INR 4,4145,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid at maturity.

The transaction was approved by the board of directors of the company and is subject shareholder meeting at Extra-Ordinary General Meeting to be held on February 07, 2023. The company will issue shares and warrants on preferential basis.