Raymond Approves ₹214.71 Crore Fundraise, Minerva Ventures Fund To Receive 33.28 Lakh Warrants

Mumbai: Raymond Limited’s board has approved raising up to Rs 214.71 crore through a preferential issue of convertible warrants to Minerva Ventures Fund, according to an exchange filing.

The company will issue 33,28,686 warrants at Rs 645 each, including a premium of Rs 635 per warrant. The securities will be allotted for cash through a private placement.

The proposed fundraising remains subject to approval from Raymond’s shareholders and other applicable statutory and regulatory authorities.

One share for each warrant

Each warrant will give Minerva Ventures Fund the right to subscribe to one fully paid-up equity share of Raymond. Every equity share will have a face value of Rs 10 and an issue price of Rs 645.

The investor may convert the warrants into shares in one or more tranches within 18 months from the allotment date.

Any warrants not converted within this period will lapse. Raymond said the upfront amount paid against such unexercised warrants would also be forfeited.

Investor may hold 4.35 percent stake

Minerva Ventures Fund does not currently hold any shares in Raymond. Its stake could rise to 4.35 percent on a fully diluted basis following the preferential issue.

This calculation assumes the complete conversion of the proposed warrants and all existing outstanding warrants as of the disclosure date.

The issue is being undertaken in accordance with Chapter V of the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations and other applicable laws.

Board clears proposal

Raymond’s board approved the fundraising proposal at its meeting held on September 8, 2026. The meeting began at 3.30 pm and concluded at 3.55 pm.

The preferential allotment provides the company with a route to raise capital from a single institutional investor while linking the eventual equity dilution to warrant conversion.

The company did not disclose the proposed utilisation of the proceeds in its regulatory announcement. Further details may emerge through the shareholder notice or subsequent disclosures relating to the issue.