Gitanjali Gems Ltd. (BSE:532715) announced a private placement of convertible prepaid warrants for gross proceeds of INR 275,000,000 on August 11, 2016. The transaction will include participation from promoter or promoter group or persons other than promoter. The warrants are convertible. The company will receive 25% of the exercise price of the warrants as upfront payment as per the Securities Exchange board of India (Disclosure and Investor Protection, Guidelines 2000) and the balance will be received at the time of exercise of warrants. Pursuant to the exercise of the warrants, the total amount received by the company will amount to INR 1,100,000,000. The company will issue securities on preferential basis. The transaction has been approved by the board of directors at its board meeting. The transaction is subject to shareholders’ approval at its Annual General Meeting to be held on September 30, 2016.