MUMBAI: Paras Defense and Space Technologies Ltd’s initial public offering (IPO) will open for subscription September 21-23.
The issue includes a new issue of shares worth ₹140.60 crore and an offer to sell up to 1.72 million shares by promoters and existing shareholders. The listing is planned for October 1st.
Under the OFS, up to 1.25 million shares of Sharad Virji Shah, up to 50,000 shares of Munjal Sharad Shah, up to 300,000 shares of Ami Munjal Shah, up to 62,245 shares each of Shilpa Amit Mahajan and Amit Navin Mahajan will be sold.
The company operates in the fields of defense and aerospace optics, defense electronics, electromagnetic pulse protection solutions, and heavy engineering.
It intends to use the proceeds from the IPO to purchase machinery and equipment, finance additional working capital requirements, repay certain loans, and general corporate purposes.
In the country, the company’s customer base includes various public sector companies such as Bharat Electronics Ltd, Bharat Dynamics Ltd, Hindustan Aeronautics Ltd. It currently operates from two manufacturing facilities in Maharashtra, Navi Mumbai and Thane. It also has customers in Belgium, Israel and South Korea.
The company’s total income was ₹149.05 core for the fiscal year ended March 31, 2020, while net income for that period was. lay ₹19.65 million euros.
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