Raymond Limited’s Board of Directors has approved a fundraising initiative through the issuance of 33,28,686 convertible warrants to Minerva Ventures Fund. This preferential allotment, priced at ₹645 per warrant, is expected to raise up to ₹214.71 crore. The warrants carry the right to subscribe to equity shares and are convertible within 18 months, subject to member and regulatory approvals.
Raymond Board Approves Preferential Issuance of Warrants
Raymond Limited announced today, September 8, 2026, that its Board of Directors has approved a strategic move to raise funds by issuing 33,28,686 convertible warrants. The issuance will be conducted on a private placement basis to Minerva Ventures Fund, which is designated as the ‘Proposed Allottee’. This significant fundraising effort aims to bolster the company’s financial resources.
Key Terms of the Fundraise
The convertible warrants are proposed to be issued at an issue price of ₹645 per warrant, which includes a premium of ₹635 per warrant. The total aggregate consideration for this issuance is estimated to be up to ₹214.71 crore. Each warrant will grant the holder the right to subscribe to one fully paid-up equity share of the company, having a face value of ₹10.
Conversion Rights and Tenure
The warrants are convertible into equity shares within a maximum period of 18 months from the date of their allotment. This conversion can occur in one or more tranches. If the warrants are not exercised within this stipulated period, they will lapse, and the upfront consideration paid by the allottee will be forfeited. The issuance is contingent upon obtaining necessary approvals from the company’s shareholders and relevant statutory and regulatory authorities.
Transaction Details
The preferential issue is in accordance with Chapter V of the SEBI ICDR Regulations and other applicable laws. Minerva Ventures Fund is the sole investor in this transaction, with the number of investors being one. The post-allotment shareholding of Minerva Ventures Fund, on a fully diluted basis assuming full conversion, is estimated to be 4.35%.
Source: BSE
