Venus Pipes and Tubes Limited announced a private placement of 420,000 fully convertible warrants convertible into equity shares in one or more tranches, face value of INR 10 each, at an issue price of INR 425 per warrant for the gross proceeds of INR 178,500,000 on February 28, 2024. The warrants shall be convertible into equal number of equity shares within a maximum tenure of 18 months from the date of allotment of warrants. The transaction will include participation from individual investors Megharam S Choudhary for 80,000 warrants, Arun Axay kumar Kothari for 134,000 warrants, Jayantiram Motiram Choudhary for 27,000 warrants, Dhruv Mahendrakumar Patel for 59,000 warrants and other investor Princely Multitrading LLP for 120,000 warrants.

The transaction has been approved by the shareholders of the company and is subject to subject to the approval of members of the company and other applicable regulatory/ statutory authorities. The warrant exercise price is INR 1,275 per warrant.