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Paras Defence and Space Technologies files DRHP with Sebi for IPO

The public issue will comprise a fresh issue of Rs 120 crore and an offer for sale of 17,24,490 equity shares by promoter and individual selling shareholders.

March 09, 2021 / 07:12 PM IST

Mumbai-based Paras Defence and Space Technologies has filed draft red herring prospectus with the capital market regulator for its initial public offering (IPO).

This would be the thirteenth company to file IPO papers with the Securities and Exchange Board of India (Sebi) in the current calendar year.

The public issue will comprise a fresh issue of Rs 120 crore and an offer for sale of 17,24,490 equity shares by promoter and individual selling shareholders.

The company, in consultation with BRLMs, could consider a pre-IPO placement of Rs 35 crore. The amount raised via pre-IPO placement will not be reduced from the fresh issue.

The company intends to utilise net proceeds from the fresh issue for purchase of machinery and equipment, funding incremental working capital requirements, repaying of certain borrowings and for general corporate purposes.

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Paras Defence is an Indian private sector company engaged in designing, developing, manufacturing and testing of a wide-range of defence and space engineering products and solutions. It is one of the leading 'indigenously designed developed and manufactured' (IDDM) category private sector company in India which caters to four major segments of Indian defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solution and heavy engineering.

It is also the sole Indian supplier of critical imaging components such as large size optics and diffractive gratings for space applications in India. It has two manufacturing facilities in Maharashtra, located at Nerul in Navi Mumbai and Ambernath in Thane.

Anand Rathi Advisors is the book running lead manager to the issue.
Moneycontrol News
first published: Mar 9, 2021 07:12 pm

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