Variman Global Enterprises Limited announced a private placement of 460,000 warrants at a price INR 41.25 per warrant for gross proceeds of INR 18,975,000 on March 17, 2022. The warrants will be convertible into one common share of the company at INR 123.75 per share and will mature in 18 months from the date of the allotment. The company will receive 25% of the total amount, which is INR 18,975,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months.

The transaction will include participation from individual investors Tammineedi Balaji Nagabushanam, SanivarapuNavya Reddy, Sreedar Reddy G, Sirish S. Honnalli, and Kovuri Manjula. The transaction was approved by the board of directors of Variman Global Enterprises Limited. The transaction is subject to the approval of the shareholders of Variman Global Enterprises Limited at the Extra Ordinary General Meeting.