Electrosteel Castings Limited announced a private placement of equity warrants having face value of INR 1 per warrant for gross proceeds of INR 250,000,000 on November 11, 2022. The transaction will include participation from returning investors ELECTROCAST SALES INDIA LTD for INR 12,500,000, Ellenbarrie Developers Private Limited for INR 6,250,000, G.K. and Sons Private Limited for INR 15,000,000, Uttam Commercial Co. Ltd. for INR 12,500,000, Sree Khemisati Constructions Private Limited for INR 7,500,000 also included Wilcox Merchants Pvt Ltd for INR 33,750,000, Tulsi Highrise Pvt.

Ltd for INR 46,250,000, SRI MAYANK KEJRIWAL for INR 26,250,000, and MANGALAM EQUITY MANAGEMENT PVT LTD for INR 90,000,000. The transaction has been approved by the board of directors of the company. The company will receive 25% of the total amount, which is INR 250,000,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18 months.

The company will issue the securities pursuant to preferential allotment.