Convergent Finance's funds have been approved to purchase a 10.3% share in Knowledge Marine & Engineering Works Limited, which amounts to USD 27.4 million.
Knowledge Marine, a leading provider of marine engineering solutions in India, has secured an investment of INR 2,400 million (USD 27.4 million) from funds advised by Convergent Finance LLP. This investment is part of a larger fundraise of INR 2,848 million (USD 32.5 million), in a mix of equity shares and warrants.
Founded in 2015, Knowledge Marine specializes in marine-engineering solutions and dredging. The company, listed on both the Bombay Stock Exchange and the National Stock Exchange, has rapidly emerged as one of India's leading marine engineering solution providers. Currently, Knowledge Marine operates a modern fleet of 40 vessels, including dredgers and support craft.
Convergent Finance LLP, an investment management and advisory partnership focused on Ideas, Capital, and passionate Entrepreneurs, believes in the quality of Knowledge Marine's engineering and services team. They see Knowledge Marine as a company with a diversified fleet and technical capabilities to execute marine engineering contracts globally.
Upon completion, funds advised by Convergent will hold approximately 10.3% of Knowledge Marine. Sujay Kewalramani, the CEO of Knowledge Marine, is subscribing to INR 148 million (USD 1.7 million) worth of warrants.
The investment is subject to customary closing conditions, including shareholder approval. Convergent Finance LLP aims to help Knowledge Marine scale operations, invest in new assets, and pursue both domestic and international opportunities.
Recently, Knowledge Marine made a strategic acquisition of Kamal Marine & Engineering Works Pvt. Ltd., positioning the company to expand into the shipbuilding industry. The Company specializes in dredging, marine infrastructure, and vessel services.
Harsha Raghavan, Managing Partner at Convergent Finance LLP, has expressed excitement about working with Knowledge Marine. He emphasized that the Convergent investment process involves identifying proprietary platform and bolt-on opportunities, speed of execution, and a relentless focus on performance improvement.
The Convergent value investing approach believes in paying fair and reasonable valuations through bilaterally negotiated transactions. With this investment, Convergent Finance LLP reaffirms its commitment to supporting high-quality businesses with strong growth potential.
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