Nila Infrastructures Ltd (BSE:530377) announced a private placement of 75,000,000 shares and 22,500,000 convertible warrants at INR 5 per warrant for gross proceeds of INR 403,125,000 on November 14, 2014. The shares will be issued at INR 5 per share and warrants will be issued at exercise price of INR 5 per share. The company will receive 25% of the exercise price of warrants as upfront payment at the time of issuance. The shares will be issued at premium of INR 4 per share. The transaction will include participation from promoters, promoter group, and non-promoters on a preferential basis. As part of the transaction, non-promoters, Shobha Desai will subscribe for 20,000,000 shares, Rajnibhai Desai will subscribe for 10,000,000 shares, Hemangi Bankim Shah will subscribe for 6,000,000 shares, and so on. On closing and the conversion of the warrants, the investors will hold 5.12%, 2.55%, and 1.53% stake in the company. Also, promoters, Manoj B Vadodaria will subscribe for 9,000,000 warrants, Kiran B Vadodaria will subscribe for 6,750,000 warrants, and Deep S Vadodaria will subscribe for 6,750,000 warrants respectively. On closing and conversion of the warrants, the promoters will hold 13.53%, 9.83%, and 8.08% respectively. The shares will be issued on preferential basis. The transaction has been approved by board of directors of the company and is subject to other necessary approvals including the shareholders' approval. The shares will be issued with a period of 15 days from the passing of the special resolution by the shareholders. The shares issued as part of the transaction are subject to a lock in period for a period of one year from the date of trading approval granted by the Stock Exchange.

On January 3, 2015, Nila Infrastructures Ltd closed the transaction. The company announced that it has issued 75,000,000 shares for gross proceeds of INR 375,000,000. All securities issued will have a hold period until March 10, 2016. Each share issued had a par value of INR 1.