On Tuesday, August 27, 2024, the Board of Directors of Paras Defence and Space Technologies Limited approved a significant fund-raising initiative. The company plans to raise up to Rs. 200 crore (Two Hundred Crore Rupees) through a Qualified Institutions Placement (QIP).
The decision was made during a board meeting held on the same day and was disclosed in a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited.
Paras Defence and Space Technologies QIP: Key points of the fund-raising plan include
- The funds will be raised through a QIP in accordance with Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
- The company may issue eligible securities including equity shares and/or securities convertible into equity shares (including warrants).
- The issuance may occur in one or more tranches and/or one or more issuances simultaneously.
- The fund-raising is subject to necessary approvals, including approval from the company’s members and other regulatory/statutory authorities as required.
This move comes following an earlier intimation by the company on August 22, 2024, regarding potential fund-raising activities.
The company has stated that this decision is in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and relevant SEBI circulars.
