Mumbai-based Paras Defense And Space Technologies Limited has received market regulator Securities and Exchange Board of India’s (SEBI) nod. It filed a draft red herring prospectus (DRHP) with the regulator on March 9, 2019.
The issue comprises a fresh issuance of equity shares aggregating up to Rs 120 crore and an offer for sale of up to 17,24,490 equity shares by promoter selling shareholders and individual selling shareholders.
The company will utilise funds from the fresh issue towards the purchase of machinery and equipment, funding incremental working capital requirements, repaying of certain borrowings and for general corporate purposes.
Things to know about the company
- The consolidated total income stands at Rs 37.94 crore for the six-month period ended September 30, 2020, and Rs 149 crore, Rs 157.1 crore and Rs 152.5 crore for the fiscal years ended March 31, 2020, 2019 and 2018, respectively.
- The consolidated profit after tax was Rs 19.6 crore, Rs 18.9 crore and Rs 25 crore for the fiscal years ended March 31, 2020, 2019 and 2018, respectively. Meanwhile, it reported a loss after tax of Rs 10 lakh for the six month period ended September 30, 2020.
- Paras Defense And Space Technologies Ltd., is amongst India’s leading private sector Company catering to four major segments of Indian Defence Sector namely defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solution, and heavy engineering.
- Paras Defense is the sole Indian supplier of critical imaging components which also offers niche technologies through its product offerings.
- The company manufactures high precision optics for the defense and space applications such as thermal imaging and space imaging systems.
- It has over 40 plus years of sustained business growth in the area of defence and space engineering.
- The company has managed to provide a wide array of high performance computing and electronic systems for defence applications, including sub systems for border defence, missiles, tanks and naval applications.
- The company has undertaken and delivered customised turnkey projects specialising in the defence electronics and EMP protection segments backed by specialized technology capabilities.
- Currently, the Company operates through two manufacturing facilities in Maharashtra, located at Nerul (Navi Mumbai) and Ambernath (in Thane).
-At the domestic front, its public-sector customers include Bharat Electronics Limited (BEL), Bharat Dynamics Limited (BDL) and Hindustan Aeronautics Limited (HAL); and has supplied products and solutions to private entities including Tata Consultancy Services Ltd., and Alpha Design Technologies Ltd.
- The Company has also catered to foreign customers like Advanced 138 Mechanical and Optical Systems (AMOS), Belgium, Chaban (Israel), Tae Young Optics Company Limited (South Korea), and Green Optics (South Korea).
