Onward Technologies Limited (BSE:517536) announced a private placement of 1,100,000 shares at a price of INR 130 per share for gross proceeds of INR 143,000,000, 4,300,000 convertible warrants on May 27, 2021. The securities will be issued on preferential basis. The transaction included participation from new investor Infinity Direct Holdings for 1,100,000 shares and 4,300,000 convertible warrants, for an equity stake of 24.78%. The warrants will be convertible into one common share of the company in one or more tranches at INR 130 per share and will mature in 18 months from the date of the allotment. The company will receive 25% of the total amount, which is INR 139,750,000, as upfront payment at the time of allotment of warrants and the remaining 75% will be paid within 18months. The transaction has been approved by the shareholders/board of the company.