AI assistant
Onward Technologies Ltd. — Regulatory Filings 2021
May 27, 2021
60726_rns_2021-05-27_2d67ddbc-7dd9-4acc-beda-922f9529687b.pdf
Regulatory Filings
Open in viewerOpens in your device viewer
==> picture [164 x 48] intentionally omitted <==
Press Release
Onward Technologies Limited to raise INR 70 crores from funds advised by Convergent Finance LLP
Mumbai, May 27, 2021: Onward Technologies Ltd in its board meeting held on 27[th] May 2021 has considered and approved the raising of funds of INR 70.2 crores from funds advised by Convergent Finance LLP (‘Convergent’).
Structured as a subscription to equity shares and warrants priced in accordance with applicable SEBI regulations, the investment will aggregate up to INR 70.2 crores will result in an approximately 24.78% ownership stake on a fully diluted basis. Customary closing conditions, including shareholder approval, will apply.
Commenting on this development, Jigar Mehta, Managing Director of Onward Tech, welcomed the investment by saying, “This investment is a vote of confidence for the Onward Tech team, reinforcing the tremendous growth underway within our organization. Harsha and his team have an excellent track record of value creation, and we look forward to working closely with the Convergent team.
Onward Tech is already a cash positive company & the objective of raising additional cash is to strengthen our presence in India, USA and Europe. Our new international subsidiaries in Netherlands and Canada will also become fully functional next quarter. On the home front, after a successful launch in Bangalore in Jan 2021, we plan to expand our portfolio of services into new territories Hyderabad and Noida in 2021, where we see a major opportunity of growth. “
Devanand Ramandasani, CFO of Onward Tech “We have gone through a roller-coaster last few quarters with the pandemic. In-spite of Covid-19 and challenges from WFH, the company has shown strong resilience and hired 500 engineers across the digital & engineering services verticals to support our fast growing multinational OEM customers. This new investment will help us accelerate both organic & inorganic growth opportunities in the digital ER&D industry. “
Harsha Raghavan, Managing Partner at Convergent, commented, “Onward Tech is one of the oldest and most well-established IT service companies, founded by the visionary Harish Mehta, a pillar of the Indian IT services industry since the ‘70s. As we move forward into the digital era, we are extremely excited to partner with Onward Tech team, now led by his son Jigar Mehta. At Convergent, our motto has always been to help great companies become global leaders, and Onward Tech exemplifies this approach. We will look to use our global networks, strategic insights and operational expertise to help transform Onward Tech into a global leader in engineering R&D and digital transformation.”
Centrum Capital Ltd. is acting as the sole financial advisor and DSK Legal is acting as legal advisor to Onward Technologies for this assignment.
2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai 400018. Tel: +91 22 24926570 CIN: L28920MH1991PLC062542 | www.onwardgroup.com
Mumbai | Pune | Chennai | Chicago | Detroit | Cleveland | Frankfurt | Bengaluru | London
==> picture [164 x 48] intentionally omitted <==
Press Release
About Onward Technologies Limited
Onward Tech is a niche Digital & Engineering Services company which provides Mechanical Engineering, Electronics & Embedded Systems Development, Data Analytics & Digital Transformation, Robotic Business Process Automation & Enterprise Business Application Support services to global corporations. The company has grown to a strong team of 2000 full time employees with offices in Mumbai, Pune, Chennai, Bengaluru in India & Chicago, Troy, Cleveland in USA, London (UK) & Frankfurt (Germany).
About Convergent Finance LLP
Convergent Finance LLP is an investment management and advisory partnership at the forefront of bringing together Ideas, Capital, and passionate Entrepreneurs. The Convergent investment process involves identifying proprietary platform and bolt-on opportunities, speed of execution, and a relentless focus on performance improvement. The Convergent value investing approach believes in paying fair and reasonable valuations through bilaterally negotiated transactions.
Investor Relations Contact Details of Onward Tech:
Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: [email protected]
- Follow Onward Technologies on LinkedIn: https://www.linkedin.com/company/onward technologies/ Address: 2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai – 400018. CIN: L28920MH1991PLC062542 Email: [email protected] | Tel: +91-22 2492 6570 | www.onwardgroup.com
2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai 400018. Tel: +91 22 24926570 CIN: L28920MH1991PLC062542 | www.onwardgroup.com
Mumbai | Pune | Chennai | Chicago | Detroit | Cleveland | Frankfurt | Bengaluru | London