Paras Defence Receives Sebi's Nod To Launch IPO

Paras Defence and Space Technologies IPO will consist of a fresh issue of shares worth Rs 120 crore and an offer of sale of up to 17,24,490 shares by the promoters and existing shareholders

Paras Defence and Space Technologies has received nod from the capital markets regulator Sebi to launch an initial public offering (IPO). The IPO will consist of a fresh issue of shares worth Rs 120 crore and an offer of sale of up to 17,24,490 shares by the promoters and existing shareholders, as per the draft red herring prospectus filed with the market regulator. The shares of the defence company are likely to be listed on the BSE Sensex and NSE Nifty. The company is also mulling a pre-IPO placement of shares worth Rs 35 crore, Paras Defence added. Paras Defence and Space Technologies had filed preliminary papers with Sebi in March this year. Paras Defence plans to use the IPO proceeds to fund its capital expenditure requirements, meet working capital needs and repay loans.