Paras Defence and Space Technologies Ltd Company Summary

Paras Defence and Space Technologies Ltd Summary

Paras Defence and Space Technologies Limited 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 dated 25 September 2009 issued by the RoC. Further, the name of the Company was changed to Paras Defence and Space Technologies Limited upon the Conversion of the Company to a Public Limited Company and a fresh Certificate of Incorporation, dated 29 January 2016 was issued by the Registrar of Companies. 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, Concept Shapers and Electronics Private Limited and its subsidiary company - Mechvac India Limited, with the Company. Subsequently, the shareholders of the erstwhile Mechvac India Limited were allotted 100 Equity Shares fully paid up of Rs 10/- each of the Company 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 the Company 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 Company expanded facilities and resources in Bangalore in 2018, By entering the production of large size space optics, through which the product line expanded. In 2019, the Company formed Paras Aerospace Private Limited as a subsidiary, to offer Products, Solutions and Services in the Drone Industry. It developed High Performance embedded computing for avionic and naval applications. It delivered the Indias first EMP racks for strategic applications and made developments of an electronic time fuse, marking the presence in critical defence technology. The Company came up with an IPO of 9,758,776 Equity Shares by raising funds from public aggregating to Rs 170.77 Crore, comprising a Fresh Issue of 8,034,286 Equity Shares aggregating to Rs 140.6 Crore and 1,724,490 Equity Shares aggregating to Rs 30.17 Crore through Offer for Sale in September, 2021.In November 2022, the Company developed a remote-controlled border defence system in collaboration with DRDO. A joint venture was formed with CONTROP Precision Technologies Limited, Israel, a global specialist in Electro-Optics / Infrared (EO/IR) payloads for land, air and naval applications in 2024.