Onward Technologies Ltd is raising Rs 70.2 crore ($9.7 million) from funds advised by Convergent Finance LLP, the private equity outfit set up and led by former Fairfax executive Harsha Raghavan.
Convergent will subscribe to equity shares and warrants and will end up owning approximately a 24.78% stake in the company on a fully diluted basis.
The deal is subject to customary closing conditions, including shareholder approval.
