The QIP, launched on August 21 and closed on August 23, 2024, noticed “important curiosity from each home and worldwide buyers”, in accordance with an organization assertion on Saturday.
“The QIP was oversubscribed by ∼5 instances,” it mentioned.
The Hyderabad-based firm allotted 62.46 lakh fairness shares, with a face worth of ₹1 every, to certified institutional patrons (QIBs) at a problem worth of ₹1,601 a share.
“This pricing represents a reduction of about 5% to the QIP flooring worth of ₹1,685.18 per share, as decided by SEBI laws,” it mentioned.
The corporate mentioned the proceeds can be used to fund development plans, which embrace exploring inorganic development alternatives and funding the corporate’s working capital necessities within the coming years.
“This capital infusion aligns with the corporate’s long-term imaginative and prescient to penetrate adjoining markets (Naval and Air Drive), to proceed deep analysis and growth within the subject of counter-drone options and increase its footprint within the international defence market,” it mentioned.
“We are actually well-positioned to pursue strategic acquisitions and partnerships that can speed up our market enlargement and improve our capabilities in defence simulation coaching and counter-drone applied sciences. Moreover, the raised capital will fortify our working capital necessities and guarantee to keep up strong development momentum,” Ashok Atluri, Chairman and Managing Director, mentioned.
The 31-year-old firm has over 75 patents.
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