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Paras Defence to incorporate a company in association with Krasny Defence Tech, shares surge 20%

Paras Defence and Space Technologies on Monday informed that company’s board in a meeting approved to incorporate a company in association with Krasny Defence Technologies for maintenance, servicing & repairs of defence equipment & naval vessels.

Shares of Paras Defence were locked in 20% upper circuit at ₹759.9 per share on the BSE. Paras Defence shares made a stellar debut on the stock exchanges on October 1 after receiving a massive investor interest for its initial public offer (IPO) that was subscribed a whopping 304.26 times. 

“The board at its meeting held today approved incorporation of an associate company in association with Krasny Defence Technologies, who is a prominent player in the field defence equipment maintenance and wholesome refits of Indian Naval and Indian Coast Guard Ships (ICGS). The proposed associate company shall be engaged in the field of maintenance, servicing and repairs of defence equipments and naval vessels,” the company informed in an exchange filing.

The incorporation of the entity is subject to the approval of the MCA and such other statutory authorities.

Paras Defence is engaged in designing, developing, manufacturing, and testing a wide range of defence and space engineering products and solutions. Paras Defence’s business is highly dependent on projects and programmes that are undertaken by the central government and associated entities, such as defence public sector undertakings and government organisations involved in space research.  

Its IPO included a fresh issue of up to ₹140.6 crore and an offer for sale (OFS) of up to 17,24,490 equity shares. The initial share sale’s price range was fixed at ₹165-175 apiece.

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