Paras Defence and Space Technologies files for draft papers with SEBI

Paras Defence and Space Technologies Limited - A tier 2 defence engineering company, has filed their draft papers for an Initial Public Offer (IPO) on Tuesday, March 9 with the market regulator SEBI (Securities and Exchange Board of India) for public issue of shares. As per the offer documents filed with SEBI, the company aims to raise around Rs 120 crore via a fresh issue of shares. The issue consists of up to 1,724,490 equity shares for the public.

The promoters of the company hold 64.29 per cent of the shares and the promoter group holds 23.87, as of the pre-offer shareholding pattern.

The company proposed that the net proceeds of the offer will be used in the purchase of machinery and equipment, repayment of outstanding borrowings, and funding the working capital of the company, as mentioned in the offer document. A total of Rs 312 million is to be used for the purchase of machinery and Rs 500 million for funding working capital requirements, as per the details available in the draft offer documents available on the SEBI website. 

Anand Rathi advisors are the book running lead managers and Link Inktime Private Limited is the registrar to the offer.

An email query regarding the proposed IPO sent to the company, however, remained unanswered at the time of filing this story.

The company is engaged in developing, manufacturing and designing defence and space engineering products and is one of the leading 'Indigenously Designed Developed and Manufactured' category private sector company in India. "We are also the sole Indian supplier of critical imaging components such as large size optics and diffractive gratings for space applications in India", the company said in their offer document.