Onward Technologies Ltd. — Capital/Financing Update 2021

Jun 2, 2021

BSE Ltd.	National Stock Exchange of India Ltd.
P. J. Towers, Dalal Street,	'Exchange Plaza', C-1, Block G
Mumbai - 400 001	Bandra-Kurla Complex,
	Bandra (E), Mumbai 400 051
Code: 517536	Code: ONWARDTEC

Sub: Intimation of Incorporation of Wholly Owned Subsidiary- Onward Technologies Canada, Inc.

Disclosure under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015

Dear Sir(s)

It is hereby informed that the board of directors at their meeting held on Friday, May 14, 2021 have approved the formation of wholly owned subsidiary for expanding its footprint to carry out the business of engineering designing and IT services in Canada. The said wholly owned subsidiary named Onward Technologies Canada, Inc. having Ontario Corporation Number (OCN) - 1304721-1 situated at 305-381 Front Street West Toronto, Ontario, Canada M5V 3R8 was incorporated on Tuesday, May 25, 2021 and the Company has received the registration certificate for the same.

Intimation is received by the Company on Monday, May 31, 2021.

The details as required to be furnished under SEBI (LODR) Regulation, 2015 read with SEBI Circular no. CIR/CFD/CMD/4/2015 dated September 09, 2015 is furnished in "Annexure A" forming part of this letter.

You are requested to take the same on record.

Yours faithfully

For Onward Technologies Ltd.

DIMPLE CHAUHAN Digitally signed by DIMPLE CHAUHAN Date: 2021.06.02 12:07:16 +05'30'

Dimple Chauhan Company Secretary

2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai 400018. Tel: +91 22 24926570 CIN: L28920MH1991PLC062542 | www.onwardgroup.com

ANNEXURE-A

Disclosure under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015

Name of the target entity, details in brief such as size, turnoveretc.;	Onward Technologies Canada, Inc.Paid-up capital CAD 10,000Turnover–NIL(Yettocommencethebusinessoperations)
Whethertheacquisitionwouldfallwithinrelatedpartytransaction(s) and whether the promoter/ promoter group/ groupcompanies have any interest in the entity being acquired? If yes,nature of interest and details thereof and whether the same is doneat "arm's length";	Not Applicable, as company is newly incorporatedwholly-ownedsubsidiaryofOnwardTechnologiesLimited.
Industry to which the entity being acquired belongs;	Services and consultancy in the field of EngineeringResearch and Development (ER&D), Digitaltransformations and Information Technology Services.
Objects and effects of acquisition (including but not limited to,disclosure of reasons for acquisition of target entity, if its businessis outside the main line of business of the listed entity);	The object of wholly-owned subsidiary would be in thefieldofEngineeringResearchandDevelopment(ER&D),DigitalTransformationsandInformationTechnology Services.
Brief details of any governmental or regulatory approvals requiredfor the acquisition;	Not Applicable
Indicative time period for completion of the acquisition;	Not Applicable as WOS isincorporated in May 25, 2021
Nature of consideration - whether cash consideration or shareswap and details of the same;	100% Subscription in Cash by the Company
Cost of acquisition or the price at which the shares are acquired;	CAD 10,000
Percentage of shareholding / control acquired and / or number ofshares acquired;	100%
Brief background about the entity acquired in terms ofproducts/line of business acquired, date of incorporation, historyof last 3 years turnover, country in which the acquired entity haspresence and any other significant information (in brief);	Not Applicable

2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai 400018. Tel: +91 22 24926570 CIN: L28920MH1991PLC062542 | www.onwardgroup.com