Bharati Shipyard Limited (BSE:532609) announced a private placement of 2,647,313 convertible equity warrants at INR 5.5 per warrant for gross proceeds of INR 14,560,221.5 on January 7, 2016. The warrants were issued pursuant to preferential allotment to Crossborder Investments Pvt Ltd. The investor has invested 25% of the exercise price of warrants which is INR 22 per share as upfront payment. The remaining 75% would be payable upon exercise of these warrants which is INR 16.5 per share.

The transaction has been approved by the board of directors.