DCX Systems has made a further investment in ELTX Systems, an Associate and Joint Venture (Joint Venture with ELTA Systems, Israel) of the company, through a rights issue.
This investment is a part of utilization of the Qualified Institutional Placement (QIP) proceeds as specified in QIP Placement document of the company dated January 19, 2024, towards fulfilment of company’s growth strategies. These funds will be utilised to meet ELTX working capital and other business/operational requirements. The investment by the company is intended to support the overall business operations and growth of ELTX, enabling it to enhance its capabilities, scale its operations, and effectively meet its business requirements.
There is no change in the shareholding percentage of the company in ELTX pursuant to acquisition through right issue. The company will continue to hold 37% shareholding in ELTX.
DCX Systems is among the leading Indian players for the manufacture of electronic sub-systems and cable harnesses in terms of manufacturing capability and revenue in Fiscal 2022 in the defence and aerospace sector.
