Data Patterns jumps on launching QIP issue

Data Patterns (India) rose 2.81% to Rs 1329.95 after the company launched a qualified institutional placement (QIP) of equity shares of face value Rs 2 each with the floor price of Rs 1,284.53 per share.

The company's board authorised and declared the opening of the issue on Wednesday, 8 March 2023.

The floor price of Rs 1,284.53 is at a discount of 0.70% to the previous day's closing price on the BSE. The media reported that the QIP has an upsize option of up to Rs 500 crore.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue, the company said in an exchange filing on Wednesday.

A meeting of the fund raising committee is scheduled to be held on 13 March 2023, to consider and approve the issue price of equity shares to be issued pursuant to the QIP, including any discount, if any.

The company proposes to utilize the net proceeds from the QIP issue towards funding working capital requirements; investment in product development; repayment/prepayment, in full or part, of certain borrowings; funding capital expenditure towards setting up an electromagnetic compatibility (EMC) and electromagnetic interference (EMI) testing facility; funding acquisition of land (including building); and general corporate purposes.

Data Patterns (India) is a vertically integrated defence and aerospace electronics solutions provider catering to the indigenously developed defence products industry. It offers products catering to the entire spectrum of defence and aerospace platforms such as space, air, land and sea. As of 31 January 2023, the company has 791 full-time employees and 286 temporary resources.

The company's net profit surged 271.88% to Rs 33.32 crore on 155.04% spurt in net sales to Rs 111.81 crore in Q3 December 2022 over Q3 December 2021.

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