16 Sep , 2021 By : Kanchan Joshi
MUMBAI: Mumbai-based Paras Defense and Space Technologies Ltd’s initial public offering has fixed its price band of Rs165-175 a share. Earlier, the firm said it will open for subscription on 21 September and closes on 23 September.
The issue comprises a fresh issuance of equity shares worth rs140.60 crore and an offer of sale of up to 1.72 million equity stocks by promoters and existing shareholders. The firm planning to list on 1 October. On the upper band, the firm will raise around Rs170.70 crore.
The OFS consists of upto 1.25 million by Sharad Virji Shah, upto 50,000 shares by Munjal Sharad Shah, upto 3 lakh shares by Ami Munjal Shah, and upto 62,245 shares each by Shilpa Amit Mahajan and Amit Navin Mahajan.
Paras Defense and Space Technologies caters to four major segments of the Indian defence sector, namely, defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solution, and heavy engineering.
It intends to utilize the net proceeds of the issue to purchase machinery and equipment, funding incremental working capital requirements, repaying certain borrowings, and for general corporate purposes.
On the domestic front, the company's customer base ranges from PSUs to various defense public sector undertakings like Bharat Electronics Ltd, Bharat Dynamics Ltd, and Hindustan Aeronautics Ltd. Currently, it operates through two manufacturing facilities in Maharashtra—Navi Mumbai and Thane. It also has foreign customers in Belgium, Israel, and South Korea.
The company's total income was Rs149.05 core for the fiscal year ended 31 March 2020, and Rs37.94 crore for the six-month period ended 30 September 2020. Consolidated profit after tax was at Rs19.65 crore for the fiscal year ended 31 March 2020, and it incurred a loss of Rs0.14 crore for the six-month period ended 30 September 2020.
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