Paras Defence and Space Technologies Ltd approves investment in Ayatti Innovative Pvt Ltd

The Board of Directors of Paras Defence and Space Technologies Ltd at their meeting held today (i.e., August 20, 2022), have approved investment by way of subscription to the equity shares in one or more tranches up to a sum of Rs. 7,00,00,000/- (Rupees Seven Crores) to be offered by M/s. Ayatti Innovative Private Limited (hereinafter referred as 'AIPL') at a price to be determined in accordance with the relevant provision of Companies Act, 2013 and Income Tax Act, 1961. Pursuant to this acquisition, the Company shall be holding approximately 58% stake in the total equity share capital of AIPL, thus resulting AIPL to be the subsidiary company of the Company.

AIPL is currently engaged in the business of manufacturing of structural metal products mainly for Railway Coaches and has application in other sectors also. This facility shall addon value to the Heavy Engineering Division of PARAS for its defence and space products.

Shares of Paras Defence and Space Technologies Ltd was last trading in BSE at Rs. 653.50 as compared to the previous close of Rs. 650.85. The total number of shares traded during the day was 9379 in over 871 trades.

The stock hit an intraday high of Rs. 661.75 and intraday low of 648.05. The net turnover during the day was Rs. 6141227.00.

Source : Equity Bulls

Keywords

ParasDefenceandSpaceTechnologies INE045601015 Investment AyattiInnovative