Shree Rama Newsprint Limited announced a private placement of 40,000,000 preference shares at issue price of INR 100 each share for an aggregate value not exceeding INR 4,000,000,000 on February 24, 2023. The transaction will participation from returning investor Riddhi Siddhi Gluco Biols Limited. The company will issue 10% unlisted, non-convertible, cumulative, Non- participating, redeemable preference shares.

The company will raise the funding on preferential basis. The company will receive funding in one or more tranches in accordance with applicable laws and subject to appropriate sanction, approval and permission/s from the shareholders and other regulator(s) as may be required. The transaction is pursuant to recommendation of Audit Committee and subject to approval of the shareholders of the company.