Zen Technologies Limited, India’s rapidly growing defence major dealing with simulation training and counter-drone solutions, has successfully raised Rs 1,000 crore through its first Qualified Institutional Placement (QIP) for expansion plans and boost growth. Notable investors participating in this QIP include Kotak Mutual Fund, White Oak Offshore Fund, White Oak Mutual Fund, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund.
The QIP launched on 21 August and closed on 23 August, saw “significant interest from both domestic and international investors,” according to a company statement on Saturday. The QIP was oversubscribed five times, reflecting the high demand and investor confidence in Zen Technologies’ growth strategy, the company claimed.
The Hyderabad-based company allocated 62.46 lakh equity shares, with a face value of Rs1 each, to qualified institutional buyers (QIBs) at an issue price of Rs1,601. “This pricing represents a discount of about 5% to the QIP floor price of Rs1,685.18 per share, as determined by SEBI regulations,” it said.
The company stated that the funds raised would support its growth plans, including exploring opportunities for expansion through acquisitions and meeting its working capital needs in the coming years. The company explained that this capital infusion aligns with its long-term vision to enter new markets such as the naval and air force, continue extensive research and development in counter-drone solutions, and broaden its presence in the global defence market.
Ashok Atluri, Chairman and Managing Director, said, “We are now well-positioned to pursue strategic acquisitions and partnerships that will accelerate our market expansion and enhance our capabilities in defence simulation training and counter-drone technologies. Additionally, the raised capital will fortify our working capital requirements and ensure that we maintain robust growth momentum.”
The Book-Running Lead Managers (BRLMs) for the QIP issue were Motilal Oswal Investment Advisors Limited, ICICI Securities Limited, and Nuvama Wealth Management Limited. The company disclosed this information.
Founded in 1993, Zen Technologies is a pioneer in developing advanced simulators and counter-drone technologies. It is also the country’s leading provider of defence training, counter-drone solutions, and anti-drone systems. It strongly focuses on research and development (R&D) and has been granted over 75 patents.
Team BharatShakti
