Paras Defence and Space Technologies Receives Sebi’s Nod For initial public offering (IPO)

Paras Defence and Space Technologies: Theshares will be listed on the BSE Sensex and NSE Nifty

Paras Defence and Space Technologies has received nod from the capital markets regulator Sebi to launch an initial public offering (IPO). The IPO will consist of a fresh issue of shares worth Rs 120 crore and an offer of sale of up to 17,24,490 shares by the promoters and existing shareholders, as per the draft red herring prospectus filed with the market regulator. The shares of the defence company are likely to be listed on the BSE Sensex and NSE Nifty.

The company is also mulling a pre-IPO placement of shares worth Rs 35 crore, Paras Defence added.

Paras Defence and Space Technologies had filed preliminary papers with Sebi in March this year.

Paras Defence plans to use the IPO proceeds to fund its capital expenditure requirements, meet working capital needs and repay loans.

Paras Defence designs, develops and manufactures defence and space engineering products and solutions for the government, defence public sector undertakings and space research organisations.

Anand Rathi Advisors is the book running lead manager to the issue.