Shares of Knowledge Marine & Engineering Works Ltd gained 1.42% to ₹2,468.80 on Thursday, supported by a fundraising update from the company.
Knowledge Marine announced the successful completion of a preferential issue of equity shares and warrants worth ₹284.81 crore (USD 32.30 million). As part of this capital raise, funds advised by Convergent Finance LLP will invest ₹240 crore (USD 27.2 million) for a 10.3% stake in the company.
In addition, CEO Sujay Kewalramani also participated in the issue, subscribing to ₹14.80 crore (USD 1.7 million) worth of warrants. The fresh infusion is expected to strengthen the company’s financial base and support its long-term growth plans.
Founded in 2018, Convergent Finance has a strong record of investments, with its leadership having deployed more than USD 2.5 billion across a 12-year period in India. This investment is seen as a major endorsement of Knowledge Marine’s future growth prospects.
