Funds Advised by Convergent Finance to Acquire 10.3% Stake in Knowledge Marine & Engineering Works Limited for USD 27.4 Million
Mumbai (Maharashtra) [India], September 17: Funds advised by Convergent Finance LLP ("Convergent"), announced an investment of INR 2,400 million (USD 27.4 million) in Knowledge Marine & Engineering Works Limited ("Knowledge Marine"). The investment is part of a larger fundraise of INR 2,848 million (USD 32.5 million),in a mix of equity shares and warrants. Sujay Kewalramani, the Chief Executive Officer ("CEO") of Knowledge Marine, is subscribing to INR 148 million (USD 1.7 million) worth of warrants, reflecting his strong belief in the business. Upon completion, funds advised by Convergent will hold approximately 10.3% of Knowledge Marine. The investment is subject to customary closing conditions, including shareholder approval.