Paras Defence and Space Technologies share price gained after the board of directors at its meeting held today approved raising of funds of up to Rs 200 crore through Qualified Institutions Placement (QIP).
The proposal to raise funds was considered in an earlier meeting held on August 22.
At the time of publishing, Paras Defence stock traded at Rs 1,277.90 per share on the NSE, up 0.46 percent.
The timeline on the QIP on when it will be launched has not been shared by the company yet.
The funds will be raised "through public and/or private offerings of equity shares and/or any other convertible securities, in one or more tranches and/or one or more issuances simultaneously, subject to necessary approvals including the approval of the members of the Company and such other regulatory/ statutory approvals as may be required," the company said in an exchange filing.
The company also recently secured industrial license to establish industrial undertaking in Navi Mumbai
Paras Defence manufactures defence electronics and space application products. It offers rockets, telescopes, guns and ammunition among other special purpose machineries.
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