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Paras Defence and Space Technologies informs about statement of deviation or variation

09 Nov 2023 Evaluate

Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Paras Defence and Space Technologies has informed that as on March 31, 2023 there is a variation in the Object clause of purchase of machinery and equipment as stated in the prospectus for Initial Public Offer (IPO) of the Company dated September 25, 2021. Further there were no variation and deviation as on the quarter ended September 30, 2023. A statement confirming that there is no variation in the utilization of proceeds as on the quarter ended September 30, 2023, duly reviewed by the Audit Committee and approved by the Board of Directors is enclosed. Out of the total funds received, as on September 30, 2023, Fixed Deposits with Kotak Mahindra Bank has nil balance and Rs 77.35 million is lying in the Monitoring Agency Account held with Kotak Mahindra Bank and was yet to be utilized. The balance amount of Rs 102.47 million has been utilized for the objects as stated in the Prospectus of the Company dated September 25, 2021. 

The above information is a part of company’s filings submitted to BSE.

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