Lyka Labs Limited announced a private placement of up to 2,000,000 equity shares at a price of INR 139.50 each, including a premium of INR 10 for gross proceeds of INR 279,000,000 and up to 5,000,000 convertible warrants for INR 139.50 each, including a premium of INR 10 for gross proceeds of INR 697,500,000; for total gross proceeds of INR 976,500,000 on January 21, 2023. The transaction will include participation from returning investor Ipca Laboratories Limited promoter group for 40.98% stake. The warrants issued in the transaction will be convertible into or exchangeable for one equity share.

Each warrant is exercisable within period of eighteen months from the date of allotment. The company will issue the securities in the transaction thorough preferential allotment method. The transaction has been approved by the board of directors of the company.

The transaction is subject to approval from the shareholder of the company in Extra Ordinary General Meeting on February 17, 2023.