Knowledge Marine & Engineering Works announced the successful completion of a preferential issue of equity shares and warrants amounting to Rs 284.81 crore (approx. USD 32.30 million).
As part of this round, funds advised by Convergent Finance LLP are going to invest Rs 240 crore (USD 27.2 million) for a 10.3% stake in the Company.
Founded in 2018, Convergent Finance is led by Harsha Raghavan, an industry veteran with 28 years of investment experience, who previously founded and led Fairfax's investment activities in India. The team has a track record of investing more than $2.5 billion over a twelve-year period.
Sujay Kewalramani, Chief Executive Officer of KMEW, also participated, subscribing to Rs 14.80 crore (approx. USD 1.7 million) of warrants.
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