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Corporate News 20-Aug-22

Board of Paras Defence approves acquisition of majority stake in Ayatti Innovative

At meeting held on 20 August 2022

The Board of Paras Defence and Space Technologies has approved investment by way of subscription to the equity shares in one or more tranches up to a sum of Rs. 7 crore to be offered by M/s. Ayatti Innovative(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.

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