JK Agri Genetics Limited (BSE:536493) announced private placement of 550,000 equity shares at a price of INR 484 per share for gross proceeds of INR 266,200,000 and 483,057 convertible warrants at a price of INR 484 per share for gross proceeds of INR 58,449,897, for aggregate gross proceeds of INR 324,649,897 on January 23, 2020. The company will receive 25% of the total amount of warrants, which is INR 58,449,897, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. The transaction will include participation from existing investor Bengal & Assam Company Limited (BSE:533095) and individual investors Bharat Hari Singhania, Harsh Pati Singhania, Vikrampati Singhania, Raghupati Singhania, Sunanda Singhania, Vinita Singhania, Anshuman Singhania, and Shrivats Singhania.

The transaction has been approved by the board of directors of the company and is subject to approval of shareholders in a extraordinary general meeting to be held on February 22, 2020.