Virinchi Limited announced a private placement of 2,000,000 convertible equity warrants at a price of INR 42 per warrant for gross proceeds of INR 84,000,000 on January 27, 2023. The transaction will include participation from returning investors Gajwel Developers Private Limited and individual investor Viswanath Kompella; new investors Moneyleader Finance India Private Limited, individual investors Shivanshu Rameshchandra Pandey, Vishal Dudeja, Veena Dudeja, Raman Trikha, and Kamala Bai. The company will issue convertible equity warrants on preferential allotment basis.

The company will receive 25% of the price of warrants at the time of issuance thus bringing the aggregate proceeds raised in the transaction to INR 21,000,000. The remaining 75% will be received at the time of exercise of warrants for one equity share per warrant. The transaction has been approved by the board of directors of the company.