Public Market

IPO

Paras Defence raises Rs 51-Cr from anchor investors

Economic Times  

Paras Defence and Space Technologies has garnered a little over Rs 51 crore from anchor investors, ahead of its initial public offering (IPO). The company has allotted 29,27,485 equity shares to anchor investors at Rs 175 apiece, valuing the transaction at Rs 51.23 crore. Ashoka India Equity Investment Trust Plc, Abakkus Emerging Opportunities Fund-1, Saint Capital Fund, Nippon India Mutual Fund and HDFC Mutual Fund participated in the anchor book. The IPO comprises fresh issuance of shares worth Rs 140.6 crore and an offer of sale (OFS) of up to 17,24,490 equity stocks by promoters and existing shareholders. The issue, with a price band of Rs 165-175 a share. At the upper end of the price band, the IPO is expected to fetch Rs 170.7 crore. 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.