Onward Technologies share price touched a 52-week high of Rs 178, gaining nearly 20 percent intraday on May 27 after the company's board approved fundraising of Rs 70.2 crore.
".... in its board meeting held on May 27, 2021, has considered and approved the raising of funds of Rs 70.2 crore from funds advised by Convergent Finance LLP," the company said in the release.
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.
“This investment is a vote of confidence for the Onward Tech team, reinforcing the tremendous growth underway within our organization," said Jigar Mehta, Managing Director of Onward Tech.
Centrum Capital Ltd. is acting as the sole financial advisor and DSK Legal is acting as legal advisor to Onward Technologies for this assignment.
The share price rose more than 400 percent in the last 12 months.
The company has posted a profit of Rs 2.17 crore in the quarter ended March 2021 against loss of Rs 2.98 crore in the year-ago period.
At 12:10 hrs, Onward Technologies was quoting at Rs 175.90, up Rs 26.45, or 17.70 percent on the BSE.
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