SS Innovations International (SSII) said Monday it completed a private placement of about 5.8 million shares for around $18.6 million in gross proceeds.

Around 1.3 million shares were sold at $4.00 per share on average to the company's chairman and chief financial officer Sudhir Srivastava, vice-chairman Frederic H. Moll, and director Tim Adams. The rest were sold to a group of new and existing shareholders led by Manipal Global Health Services, SS Innovations said.

The company said it intends to use the net proceeds for working capital and other general corporate purposes, including progressing its global expansion efforts.

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