Peninsula Land Limited announced that it will issue 1,45,00,000 equity shares at a price of INR 14 per share for gross proceeds of INR 20,30,00,000 and 1,53,00,000 Warrants at a price of INR 3.5 per warrant for gross proceeds of INR 5,35,50,000 for total gross proceeds of INR 25,65,50,000 on February 21, 2023. The transaction will include participation from new investor Miranda Tools Private Limited. The transaction is subject to the approval of shareholders/ board of the company.

The warrants are exercisable, at an exercise price of INR 10.5 in one or more tranches within a period of 18 months from the date of allotment of the warrants by issuing a written notice to the company specifying the number of warrants proposed to be exercised. The securities will be issued on preferential basis.