Sadbhav Engineering Limited announced a private placement of 9,000,000 common shares at a price of INR 32 per share for gross proceeds of INR 288,000,000 and 5,147,124 warrants at a price of INR 8 per warrant for the gross proceeds of INR 41,176,992; for total gross proceeds of INR 329,176,992 on April 30, 2024. The transaction has been approved by the shareholders of the company and is subject to approval of Extra-Ordinary General Meeting of the company. The transaction included participation from new individual investor Shruti Shashin Patel for 9,000,000 shares and ISAF III Onshore Fund for 2,552,974 warrants and IE India Special Asset Fund III IFSC LLP for 2,594,150 warrants.

The warrants exercise price is INR 24.