Paras Defence rises as board OKs raising Rs 200 cr via QIP issue

Paras Defence and Space Technologies added 1.27% to Rs 1,284.20 after its board approved raising of funds aggregating up to Rs 200 crore through qualified institutions placement (QIP) through public and/or private offerings of equity shares.

The company added that it may issue other convertible securities, in one or more tranches and/or one or more issuances simultaneously, subject to necessary approvals.

Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defense and space sector, operating in three main verticals defence and space optics, defence electronics solutions, and heavy engineering. As on 30 June 2024, the Government of India held 58.94% in the company.

The company reported a consolidated net profit of Rs 14.85 crore in Q1 FY25, steeply higher than Rs 6.01 crore posted in Q1 FY24. Revenue from operations soared 72.95% YoY to Rs 83.57 crore in June 2024 quarter.

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