Onward Technologies in its board meeting held on 27 May 2021 has considered and approved the raising of funds of Rs 70.2 crore from funds advised by Convergent Finance LLP.
Structured as a subscription to equity shares and warrants priced in accordance with applicable SEBI regulations, the investment will aggregate up to Rs 70.2 crore will result in an approximately 24.78% ownership stake on a fully diluted basis. Customary closing conditions, including shareholder approval, will apply.
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