Modi's Navnirman Limited announced a private placement of up to 2,172,000 common shares at a price of INR 210 per common share for gross proceeds of INR 456,120,000; and up to 500,000 fully convertible warrants at a price of INR 52.5 per warrant for gross proceeds of INR 26,250,000; for aggregate gross proceeds of INR 482,370,000 on January 18, 2024. The transaction included participation from new investors for shares Parag Kishor Shah, Standard Greases & Specialities Pvt. Ltd., Doulos Jewels Limited, Umesh Pangam, Ajay Natavarlal Commodities Pvt.

Ltd., Ketan Patel, Harshit Gandhi, Rupal Jignesh Shah, Sapna Rupani, Meghal Rupani, Jitendra Shah, Kirti Shah, Seema Katra, Bhavya Vora, Janvi Shah, Yashvi Shah, Shrey Shah, Harshad K. Desai (HUF), Rohan Modi, Parth Modi, Manjay P. Shah (HUF), Tejal Manjay Shah, Navinchandra Sheth, Ashok Miyani, Deval Miyani, Ketan Miyani, Saloni Shah, Ramesh Parekh, Prushti Janani, Sanjaykumar Thard, Kavin Vora, Jay Vijay Capital, Jehan Modi, Yuvraj Modi, Alka Shah, Manharlal Dholakiya, Zeevrat Antiques Llp, Meenakshi Thard, Unnati Sayani, Natwar Katudia, Aruna Rupani, Dhriti Kothari, Hitesh Katudia, Renu Bhuptani, Aarti Bhuptani, Jayshree Bhuptani, Vinod Bhuptani, Devang Bavisi, Priti Bavisi, Beena Shah, Vikas Doshi, Dhara Doshi, Jitesh Shah, Hansa Shah, Rajesh Modi, Nevil Kotak ? Huf, Varsha Vasani, Rajesh Vora, Manjudevi Bihari, Deepak Katudia, Tushar Mehta, Mukesh Katudia, Deepika Katudia, Deepali Katudia,Ashwin Karnia, Bina Vora, Disha Shah, Param Desai, Hitesh Desai, Manish Desai, Niruben Desai, Chetna Desai, Jignesh Desai, Dhruv Desai, Masoom Desai, Forum Desai, Ramaben Desai, Khyati Karnia, Viral Gunderia, Fagun Jhaveri, Hiren Tanna, Sejal Tanna, Isha Tanna, for warrants Dinesh Modi, Rashmi Modi, Mahek Modi, Nishi Modi. The securities are issued on preferential basis.

The warrants will be convertible into one common share of the company at INR 157.5 per share and will mature in 18 months from the date of the allotment. The transaction has been approved by the board of directors of the company.