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IPO

Paras Defence and Space Tech gets Sebi's nod to float IPO

Economic Times  

Navi Mumbai-headquartered Paras Defence and Space Technologies has received capital markets regulator Sebi's go-ahead to raise funds through an initial share sale. The offering comprises fresh issuance of shares worth INR 120 crore and an offer of sale of up to 17,24,490 equity stocks by promoters and existing shareholders, according to the draft red herring prospectus (DRHP). The company is also considering a pre-IPO placement of equity shares worth INR 35 crore. Anand Rathi Advisors is the book running lead manager to the issue. Proceeds of the fresh issue would be used to fund capital expenditure requirements, to support incremental working capital needs and repayment or prepayment of loans availed by the company. The company is engaged in designing, developing, manufacturing and testing a wide range of defence and space engineering products and solutions.