Jost's Engineering Company Limited announced a private placement of up to 230,000 common shares at a price of INR 506.50 per share for gross proceeds of INR 116,495,000; up to 100,000 convertible warrants at a price of INR 126.625 per share for gross proceeds of INR 12,662,500; for aggregate gross proceeds of INR 129,157,500 on November 9, 2023. The transaction included participation from returning investors Jai Prakash Agarwal for 50,000 warrants; Vishal Jain for 25,000 warrants; Shikha Jain for 25,000 warrants; Nishith Ramesh Parikh for 10,000 shares; Sharad Kanayalal Shah for 80,000 shares; Kardamp Kantilal Shah for 5,000 shares; Anantroop Financial Advisory Services Pvt Ltd for 40,000 shares; new investors Jatin Hansukhlal Shah for 5,000 shares; Vipulbhai Kanubhai Patel for 5,000 shares; Rasesh Vipin Chokshi for 20,000 shares; Chandulal Nanchand Shah for 5,000 shares; Saloni Senapaty for 10,000 shares; WeP Solutions Limited for 10,000 shares; Keval Doshi for 40,000 shares. The warrants will be convertible into one common share of the company at INR 379.875 per share and will mature in 18 months from the date of the allotment.

The company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months. All the securities will be issued on preferential basis. The transaction has been approved by the board of directors of the company.

The transaction still needs to be approved at the extra-ordinary general meeting to be held on December 7, 2023.