Madhusudan Securities Limited announced a private placement of 1,900,000 common shares at a price of INR 18 per share for the gross proceeds of INR 34,200,000 and 24,400,000 at a price of INR 4.5 per share for the gross proceeds of INR 109,800,000 for the total gross proceeds of INR 144,000,000 on February 6, 2024. The warrants will be convertible into common shares of the company at an exercise price of INR 13.5 per share. The securities will be issued on preferential basis.

The transaction will include participation from Vinod Sethi HUF, Nachiket Anup Shah, Jagmeet Sabharwal Singh, Prashant Girish Choksey, Nithij Ajit Arenja, for 200,000 each. The transaction has been approved by the shareholders of the company.