Newtime Infrastructure Limited announced a private placement to issue 13,600,000 warrants at a price of INR 5.445 on a preferential basis in accordance with Chapter V of Securities and Exchange Board of India for the gross proceeds of INR 74,052,000 on February 7, 2024. The transaction will include participation from Basukinath Properties Private Limited for 3,000,000 warrants for INR 16,335,000, Shree Salasar Properties & Finance Private Limited for 5,000,000 warrants for INR 27,225,000 and Silver Stallion Limited for 5,600,000 warrants for INR 30,492,000. Each of the warrant, so allotted, is convertible or exchangeable into one fully paid-up equity share of the company having a face value of INR 1 each in accordance with the provisions of Securities and Exchange Board of India Regulations, 2018, on payment of the balance consideration i.e. 75% of the warrant issue price from the Allottees within 18 months from the date of allotment of these warrants.

The transaction has been approved by the board of directors of the company.