Kapil Raj Finance Limited announced a private placement of 5,800,000 pre-paid warrants at a price of INR 3 per warrant for gross proceeds of INR 17,400,000 on December 26, 2022. The transaction will involve participation from the Non-Promoter Group. Each warrant will entitle the holder to purchase one common shares at an exercise price of INR 9 per share for a period of eighteen months from the date of issuance.

Upon exercise of all warrants, the company will receive aggregate gross proceeds of INR 69,600,000. The company will issue the warrants through preferential allotment basis. The transaction has been approved by the board of directors of the company, and is subject shareholders' approval at Extra Ordinary General Meeting to be held on January 21, 2023.