Sanghi Industries Limited announced a private placement to issue 2,200,000,000 Non-Convertible Cumulative Redeemable Preference Shares having face value of INR 10 each share at a price of INR 10 each share for the aggregate gross proceeds of INR 22,000,000,000 on April 16, 2024. The shares will be redeemable after seven years from the date of allotment, with an option to either party for early redemption at par and have a 8% coupon rate of dividend. The shares shall carry a preferential right of equity shares of the Company, with respect to the payment of dividend and repayment in case of winding up or repayment of capital.

The transaction has been approved by the board of directors of the company and is subject to the approval of the shareholders.