Tricom India Limited (BSE:531675) announced a private placement of 13,760,000 equity shares at INR 2.5 per share and 6,196,000 fully convertible warrants at INR 0.625 per share for gross proceeds of INR 38,272,500 on May 7, 2015. The shares have par value of INR 2 per share and is being issued at premium. The investors would invest 25% of the exercise price of warrants as upfront payment.

The remaining 75% would be payable upon exercise of these warrants. The warrants issued would expire in 18 months from the date of issue. The company will issue securities on preferential basis.

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