Paras Defence shares dropped more than over 3% in the morning trade as the company announced that its Management Committee, in a meeting held on October 1, 2024, approved important details regarding the company’s Qualified Institutions Placement (QIP) of equity shares.
The company has set the floor price for the QIP at ₹1096.35 per equity share. The board has also authorized the proposed issue of equity shares to qualified institutional buyers (QIBs). The board had secured prior approval from shareholders through a special resolution issued on September 20, 2024.
As of 9:19 am, Paras Defence shares were trading 0.76% lower at ₹1112.00 on the NSE.
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