In an change submitting, Zen Applied sciences disclosed that its Board of Administrators, at a gathering held on Saturday, authorised an funding of as much as Rs 6.56 crore in the direction of the proposed acquisition.
The funding will likely be executed by means of two elements:
- The acquisition of two,06,518 fairness shares of Rs 10 every from an current shareholder of TISA Aerospace, representing 54.67% of the whole fairness paid-up share capital of the corporate.
- The acquisition of 4,00,000 models of 6% Obligatory Convertible Debentures (CCDs) of Rs 100 face worth every, from an current CCD holder, additionally issued by TISA.
The Board of Administrators has unanimously authorised the funding, which includes buying shares from present stakeholders of TISA in addition to CCDs beforehand issued by TISA.The corporate acknowledged that the transaction represents an funding in a site of strategic relevance, comprising indigenously developed defence applied sciences.
TISA Aerospace is positioned as a home participant throughout the high-technology defence ecosystem. The corporate is engaged within the improvement of loitering munitions and UAVs—each of that are key segments throughout the evolving panorama of contemporary precision-guided weapon programs.
Zen Applied sciences, by means of this acquisition, is coming into a phase related to superior defence purposes.
“This acquisition is a decisive step in the direction of strengthening Zen’s place within the quickly evolving defence drone sector. TISA’s experience in loitering munitions supplies us with fast entry to superior applied sciences and platforms that align with the rising operational necessities of the Armed Forces. TISA has achieved important R&D milestones, together with the profitable execution of a venture for DRDO with crucial design help from IIT Madras. By integrating these capabilities with our current strengths in anti-drone programs and propulsion applied sciences, we’re constructing a broader and extra future-ready defence portfolio,” stated Ashok Atluri, Chairman and Managing Director of ZenTechnologies.
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Shares of Zen Applied sciences closed flat at Rs 1,900.30 on the BSE on Friday.
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