Paras Defence Approves Rs 200-Crore Fundraise Via QIP

Paras Defence and Space Technologies Ltd. approved a fundraise of Rs 200 crore via qualified institutional placement. The private sector firm has also approved the implementation of Paras Defence and Space Technologies Employee Stock Option Plan 2024.

The company will raise the approved funds through equity shares or any other convertible securities in one or more tranches, subject to approval from the necessary stakeholders and statutory bodies to be taken at the 15th Annual General Meeting on Sept. 20, according to an exchange filing on Tuesday.

The main objective of the Paras Defense ESOP 2024 is to reward employees for their performance and to motivate them to contribute to the growth of the company, the filing said.

After the options is implemented, employees can exercise them within a period that cannot exceed five years from the vested date. The time allowed for exercising the options might change, based on circumstances like retirement, resignation, death or other such reasons.

Shares of Paras Defence closed 0.93% higher at Rs 1,280 apiece, compared to a 0.06% rise in the benchmark BSE Sensex.