Lehar Footwears Limited announced a private placement of up to 4,000,000 warrants of face value, INR 10 at a price of INR 13 per warrant for gross proceeds of INR 52,000,000 on September 16, 2022. The transaction will include participation from new investor, Kaylin Realty Private Limited for up to 50,000 warrants, Naresh Kumar Agarwal for up to 250,000 warrants, Raj Kumar Agarwal for up to 250,000 warrants, Pramod Kumar Agarwal for up to 350,000 warrants and other investors. The warrants shall be converted into equal number of equity shares of face value, INR 10 at any time within a period of 18 months from the date of allotment of warrants at an exercise price of INR 39 per share.

The transaction has been approved board of directors of the company and is still subject to the approval of the shareholders of the company in an extraordinary general meeting to be held on October 12, 2022 and other regulatory/statutory approvals, as may be required.