Pincon Spirit Limited (BSE:538771) announced a private placement of 1,000,000 equity shares warrants on February 25, 2016. The transaction will include participation from new investors, Affordable Agro Agencies Private Limited and Lively Equipments Suppliers Private Limited for 500,000 warrants each. The company will issue the warrants on a preferential basis.

The company will receive 25% of the exercise price as upfront payment at the time of issuance. Each warrant will entitle the holder to purchase one equity share with face value of INR 10 per share. The transaction is subject to the approval of the shareholders at extra ordinary general meeting on March 22, 2016.

The transaction has been approved by the board of directors of the company.