Generic Engineering Construction & Projects Limited announced a private placement of 4,600,000 convertible warrants at a price of INR 9.75 per warrant for gross proceeds of INR 44,850,000 on February 11, 2022. The securities will be issued on preferential basis. The transaction will involve participation from Tarak Bipinchandra Gor and Trupti Tarak Gor for 1,150,000 warrants each, Jayesh Sheshmal Rawal for 1,724,680 warrants and Ankit Jayesh Rawal for 575,320 warrants.

The warrants are convertible into common shares of the company at INR 29.25 per share in 18 months from the date of the allotment. The company will receive 25% of the total amount, which is INR 44,850,000 as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. The transaction has been approved by the company's board of directors and is subject to shareholders and stock exchange approval.