Goodluck India set to expand its Defence and Aerospace play through a wholly-owned subsidiary

Goodluck India Ltd. (BSE: 530655, NSE: GOODLUCK), a specialised engineered steel products manufacturer catering to automobile, aerospace, oil & gas, T&D, defence, solar and overall infrastructure space, today announced its plans to capitalise upon the ever-growing opportunities in the Defence and Aerospace sectors, through its wholly owned subsidiary - Goodluck Defence and Aerospace Private Limited.

Besides, the company also announced its plans to issue up to 5,00,000 warrants, on a preferential basis to the promoter category, at an exercise price of Rs. 600/- per underlying equity share of the face value of Rs. 2/- each (including a premium of Rs. 598/- per equity share) or such higher issue price as may be determined as per the SEBI regulations. The company will also issue up to 11,00,000 equity shares, on a preferential basis to the non-promoter category, at an exercise price of Rs. 600/- per equity share of the face value of Rs. 2/- each (including a premium of Rs. 598/- per equity share) or such higher, as may be determined as per the SEBI Regulations. The total funds being proposed to be raised through the preferential route is around Rs. 96 crore. The decisions were taken today in the Board Meeting held and will be subject to the approval of the members and authorities concerned.

Goodluck Defence And Aerospace Private Limited is a private limited company incorporated on August 31, 2023. The company's main object is to carry out the business of forging, machining, treatment and coating of steel, stainless and special steel, alloys or any other metal by open forging, die forging, robotic forging or any other method. The company has not started its business yet. The part proceeds to the tune of Rs. 40 crore from the proposed Preferential Issue of the parent company will be used as an investment in this subsidiary.

Commenting on the developments, Mr. M.C. Garg, Chairman, Goodluck India, said, "We are thrilled to begin a new journey towards growth and value creation. India is at the cusp of innovation and industrial renaissance, with the Government's razor-sharp focus on Make In India, Aatmanirbhar Bharat and a vision for a developed economy by 2047. Defence and Aerospace sectors will be at the epicentre of this audacious vision. Therefore, we have decided to channel our experience and capabilities through a wholly-owned subsidiary - dedicated to exploring larger opportunities in these high-growth sectors."

"We are further raising funds through a preferential issue, which will enable us to capitalise on the immense opportunities offered by a robust economy transforming into a developed nation, given its demography, resilience and entrepreneurial capabilities, amidst a fast-evolving global environment", further added Mr. Garg.

Shares of Goodluck India Limited was last trading in BSE at Rs. 623.70 as compared to the previous close of Rs. 611.05. The total number of shares traded during the day was 24807 in over 1510 trades.

The stock hit an intraday high of Rs. 625.05 and intraday low of 596.55. The net turnover during the day was Rs. 15196396.00.

Source : Equity Bulls

Keywords

GoodluckIndia INE127I01024 Defence Aerospace GoodluckDefenceandAerospace