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Paras Defence mobilises Rs 51.23 crore from anchor investors ahead of IPO

Ashoka India Equity Investment Trust Plc received 10 lakh equity shares while Abakkus Emerging Opportunities Fund - 1 purchased over 6.65 lakh equity shares, which already held a 1.01 percent stake in the company.

September 20, 2021 / 10:45 PM IST
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Paras Defence and Space Technologies on September 20 garnered Rs 51.23 crore from five anchor investors ahead of its initial public offering (IPO). The bidding for the offer will begin from September 21 till September 23.

The company and selling shareholders in consultation with merchant bankers have finalised allocation of 29,27,485 equity shares to anchor investors, at a price of Rs 175 per equity share, said Paras Defence in its circular published on the exchanges.

Ashoka India Equity Investment Trust Plc received 10 lakh equity shares while Abakkus Emerging Opportunities Fund - 1 purchased over 6.65 lakh equity shares, which already held a 1.01 percent stake in the company.

Saint Capital Fund acquired 2.85 lakh shares, while Nippon Life India Trustee and HDFC Trustee Company bought more than 4.87 lakh shares each through the anchor book.

Also readParas Defence and Space Technologies IPO: Shares trade at over 125% premium in grey market

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The public issue comprises a fresh issue of Rs 140.6 crore by the company and an offer for sale (OFS) of up to 17,24,490 equity shares by existing shareholders including Paras Defence promoters. The company plans to garner Rs 170.77 crore through its public issue.

Also readParas Defence IPO: 10 things to know before deciding to subscribe

The price band for the offer has been fixed at Rs 165- Rs 175 per equity share.

The defence and space engineering products and solutions company will utilise fresh issue proceeds for purchase of machinery and equipment; funding incremental working capital requirements, and repaying debts besides general corporate purposes.
Moneycontrol News
first published: Sep 20, 2021 10:42 pm

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