Astra Micro gains as board to mull fund raising

Astra Microwave Products rose 2.71% to Rs 314.80 after the company said its board will meet on Friday, 9 December 2022, to consider raising funds worth upto Rs 400 crore.

The company is planning to raise funds by issuing any instrument or securities, including equity shares, fully/partly convertible debentures, global depository receipts, American depository receipts, foreign currency convertible bonds, warrants, or any combination thereof, in one or more tranches. The proposed fund raising will be through a public issue, preferential allotment, private placement (including one or more qualified institutional placements), or through any other permissible mode and / or combination thereof.

Further, the company announced induction of Atim Kabra, non-executive director as whole time director.

Astra Microwave Products is engaged in the business of design, development and manufacture of sub-systems for Radio Frequency and microwave systems used in defense, space, meteorology and telecommunication.

The company's consolidated net profit surged 507.1% to Rs 20.52 crore despite of 2.9% decline in net sales to Rs 174.69 crore in Q2 FY23 over Q2 FY22.

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