Tricom India Limited (BSE:531675) announced a private placement of 5,775,000 equity shares and 17,620,000 fully convertible warrants on January 12, 2015. The company will issue securities on preferential basis. The issue price will be determined accordance with Chapter VII of SEBI (ICDR) Regulation 2009, at a price being not lower than the minimum price calculated in accordance with Regulation 76 of SEBI (ICDR) Regulation 2009. The transaction has been approved by the board of directors of the company and is subject to the approval of shareholders.

On March 23, 2015, the company announced that the transaction was approved by the shareholders of the company through postal ballet.

On May 7, 2015, Tricom India Limited cancelled the transaction.