Paras Defence and Space Technologies has contributed towards some prestigious defence programmes.
Mumbai, Sep 16 (The CONNECT) - Paras Defence and Space Technologies Limited, an Indigenously Designed Developed and Manufactured Company (IDDM), proposes to open its initial public offering of Equity Shares Tuesday, September 21 at a price band of â‚¹ 165 – â‚¹ 175 apiece.
The Offer comprises of a fresh issuance of Equity Shares aggregating up to â‚¹ 140.6 crore and an offer for sale of up to 17,24,490 Equity Shares by Sharad Virji Shah, Munjal Sharad Shah, the Promoter Selling Shareholders, and Ami Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan, the Individual Selling Shareholders.
The Company intends to utilize the net proceeds from the fresh issue towards purchase of machinery and equipment, funding incremental working capital requirements, repayment or prepayment of all or certain borrowings and for general corporate purposes.
As per the “Defence and Space Industry Report” prepared by Frost & Sullivan the Company, is among India’s leading private sector Company catering to four major segments of Indian defence sector such as defence optics, defence electronics, electro-magnetic pulse (EMP) protection solution, and heavy engineering for defence and niche technologies.
The Company is the sole Indian supplier of critical imaging components such as large size optics and diffractive gratings for space applications in India. The Company manufactures high precision optics for the defence and space applications such as thermal imaging and space imaging systems. It is the only Indian Company to have the design capability for space-optics and opto-mechanical assemblies, says F&S.
The Company has contributed towards some prestigious defence programmes; and under its defence electronics operations it has managed to provide a wide array of high-performance computing and electronic systems for defence applications, including sub systems for border defence, missiles, tanks and naval applications. The Company has delivered customized turnkey projects in the defence segment, especially in the defence electronics and EMP protection segments. Currently, the Company operates through two manufacturing facilities in Maharashtra, located at Nerul (Navi Mumbai) and Ambernath (in Thane).
On the domestic front, the Company’s customer base ranges from government organizations involved in defence and space research to various defence public sector undertakings like Bharat Electronics Limited (BEL), Electronic Corporation of India Limited (ECIL) and Hindustan Aeronautics Limited (HAL); and supply products and solutions to private entities including Tata Consultancy Services Limited, Solar Industries India Limited and Alpha Design Technologies Limited. The Company has also catered to various foreign customers.
Anand Rathi Advisors Limited is the book running lead manager to the Offer.