Lux Island Resorts Ltd (MUSE:NRL.N0000) announced that it has entered into a subscription agreement for a private placement of 100 redeemable and convertible secured bonds at a price of MUR 10,000,000 for gross proceeds of MUR 1,000,000,000 on gross proceeds of December 3, 2020. The transaction will include participation from Mauritius Investment Corporation Ltd. The bonds will be convertible into 29,832,935 new ordinary shares of the company and will mature in 9 years from the date of disbursement of the first tranche. The transaction is subject to the approval of the shareholders of the company at a special meeting to be held on December 30, 2020.