Paras Defence And Space Technologies Concludes QIP Issue Of Rs 200 Crore

Paras Defence and Space Technologies Ltd. announced the closure of its Qualified Institutional Placement on Monday.

Its management approved the issue of 12.93 lakh fully paid-up equity shares to qualified institutional buyers at an issue price of Rs 1,045 per share. 

The issue price of Rs 1,045 implies a 2.97% discount to the stock's closing price on Monday which was Rs 1,077.

The QIP, which opened on Oct. 1, was aimed at raising Rs 200 crore. The company has received all necessary funds in its escrow account from eligible QIBs and finalised the allocation of shares to them.

In a previous interview with NDTV Profit in August, Paras Defence Director Amit Mahajan expressed confidence in the company's growth trajectory. He mentioned that the company is targeting a 20-30% annual revenue growth, with the potential for even higher growth over the next five years.

Shares of the company closed 5.03% lower at Rs 1077 per share, compared to a 0.87% decline in the NSE Nifty 50. The stock has risen 43.41% year-to-date and 42.28% over the past 12 months.