Shivalik Rasayan Limited announced that it expects to receive INR 1.04073 billion in funding from Kim Ginnerup ApS, FFC 3 ApS, Bry- Air Private Limited, Desiccant Rotors International Pvt Ltd, Growel Remedies Limited, and other investors

Shivalik Rasayan Limited announced a private placement of 710,000 common shares on preferential basis at a price of INR 921 per share for gross proceeds of INR 653,910,000 and 420,000 fully convertible warrants at an issue price of INR 921 per warrant for gross proceeds of INR 386,820,000 for aggregate gross proceeds of INR 1,040,730,000 on October 14, 2021. Each fully convertible warrant carries a right to subscribe to one equity share per warrant. The transaction will include participation from Eric Aarestrup Sorensen for 120,000 shares, returning investors Kim Ginnerup ApS for 120,000 shares, FFC 3 ApS for 80,000 shares, and other investors.

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