Paras Defence IPO to open on September 21; units value band at Rs 165-175/share

Paras Defence and Space Technologies on Thursday stated it has mounted a value band of Rs 165-175 a share for its Rs 171-crore preliminary share sale.
The three-day preliminary public providing (IPO) will open for subscription on September 21 and conclude on September 23, the corporate stated in an announcement.
The providing contains contemporary issuance of shares price Rs 140.6 crore and a proposal of sale (OFS) of as much as 17,24,490 fairness shares by promoters and current shareholders.
Those promoting shares on the OFS are promoters — Sharad Virji Shah, Munjal Sharad Shah and particular person promoting shareholders are — Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan.

At the higher finish of the worth band, the IPO is anticipated to fetch Rs 170.7 crore.
Proceeds of the contemporary situation could be used to fund capital expenditure necessities, help incremental working capital wants and compensation or prepayment of loans availed by the corporate.
Half of the difficulty measurement has been reserved for certified institutional consumers (QIBs), 35 per cent for retail traders and the remaining 15 per cent for non-institutional traders.
Investors can bid for no less than 85 fairness shares and in multiples of 85 fairness shares thereafter.
The firm is engaged in designing, creating, manufacturing and testing a variety of defence and house engineering merchandise and options.

Paras Defence and Space Technologies enterprise is very depending on tasks and programmes undertaken by the central authorities and related entities, equivalent to defence public sector undertakings and authorities organisations concerned in house analysis.
Anand Rathi Advisors is the ebook working lead supervisor to the difficulty. The fairness shares of the corporate could be listed on BSE and NSE.