Pritika Auto Industries Limited announced a private placement of 16,000,000 fully convertible warrants on January 30, 2023. The transaction will include participation from individual investors Ramesh Sakharampant Deshpande, Mahendra Otwani, Akash Deep Tyagi, Sneha Sadhwani; Zenith Multi Trading Dmcc, Healthy Biosciences Private Ltd, and Tano Investment Opportunities Fund, a fund managed by Tano Capital LLC. The company will issue securities through preferential allotment method.

The warrants will be convertible into one common share of the company. The company will receive 25% of the total amount, which is INR 76,000,000 as upfront payment at the time of allotment of warrants at the price of INR 4.75 and the remaining 75% will be paid within 18 months at the price of INR 14.25. The company will issue shares at premium of INR 17 per share.

The transaction has been approved by the board of directors of the company. The transaction is subject to the approval of the shareholders of the company in the extra-ordinary general meeting to be held on March 1, 2023.