Paras Defence and Space Technologies Ltd

Paras Defence and Space Technologies Ltd

The Company was incorporated as Paras Flow Form Engineering Limited on 16 June 2009 The Company received the certificate for commencement of business on 24 July 2009. Subsequently the name of the Company was changed to Paras Flowform Engineering Limited pursuant to a resolution passed by the Shareholders in an extraordinary general meeting held on 22 September 2009 and a fresh certificate of incorporation dated 25 September 2009 was issued by the RoC. Further the name of the Company was changed to Paras Defence and Space Technologies Limited pursuant to a resolution passed by the Shareholders in an extraordinary general meeting held on 02 December 2015 and a fresh certificate of incorporation dated 29 January 2016.The company is involved in design development manufacturing testing & commissioning of products systems and solutions for Defence & Space Applications.The Board of Directors of the Company at its meeting held on 12th January 2018 considered and approved the scheme of amalgamation of its associate company named Concept Shapers and Electronics Private Limited and its subsidiary company named Mechvac India Limited with Paras Defence and Space Technologies Limited. Subsequently the shareholders of the erstwhile Mechvac India Limited were allotted 100 equity shares fully paid up of Rs10/- each of Paras Defence and Space Technologies Limited for every 784 shares of Mechvac India Limited and the shareholders of the erstwhile Concept Shapers and Electronics Private Limited were allotted 100 equity shares fully paid up of Rs 10/- each of Paras Defence and Space Technologies Limited for every 1535 equity shares of Concept Shapers and Electronics Private Limited. Pursuant to the scheme of amalgamation 572534 equity shares were allotted to the shareholders of the erstwhile Mechvac India Limited and Concept Shapers and Electronics Private Limited on 20 August 2018. The shares pursuant to the scheme of amalgamation were allotted vide allotment dated 20 August 2018 and the cross holdings stand cancelled.During the FY2019 the company has allotted 100000 equity shares of Rs 10/- were allotted on conversion of 1000000 Unsecured 0% Compulsorily Convertible Debentures of Rs 100/- each on 03rd November 2018.As on 31st March 2019 the Company had 5 subsidiaries out of which 4 are Indian subsidiaries and 1 overseas subsidiary.During the FY2020the company has allotted 22730136 equity shares of Rs 10 each by way of issuance of bonus shares in the ratio of 4:1.Also on 13 August 2020the company has allotted 2999000 0.01% Optionally Convertible Preference Shares of Rs 100 each issued to MDAVF through its investment Manager IDBI Capital Markets & Securities Limited.As on 31st March 2020 the Company had 4 subsidiaries out of which 3 are Indian subsidiaries and 1 overseas subsidiary.The outbreak of COVID-19 virus continues to spread across the globe including India and to control the Government authorities had been forced to commence nationwide lockdown. The operations of the Group remained completely shut down in the month of April 2020 and thereafter operations have been started slowly as per the instruction of the State Government / Local authorities.During the FY2021the company has allotted 1440000 equity shares of Rs 10 each at a premium of Rs 115 per share on private placement.The company came out with an Rs 171 crore public issuecomprises a fresh issue of Rs 140.60 crore.The IPO shares have been allotted at the price of Rs 175 per share and got listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 01 October 2021.