Drone technology company ideaForge Technology has raised Rs 500 crore through a qualified institutional placement (QIP) and plans to use the proceeds to fund its next phase of growth and strengthen its working capital.
The company allotted a total of 62,89,308 equity shares of a face value of Rs 10 each at an issue price of Rs 795 per share, representing a discount of Rs 40.86 (4.89% of the floor price) determined as per market regulator SEBI guidelines, the company said in a statement.
The QIP received a strong response from marquee domestic and international institutional investors, reflecting their confidence in the company's long-term strategy and growth prospects, it said.
Investors such as HDFC Mutual Fund-HDFC Defence Fund, Arohi Emerging India Master Fund, Bandhan Infrastructure Fund, Franklin India Small Cap Fund, ACM Global Fund VCC, HARA Global Master Fund Ltd and other institutional investors were allotted the equity shares, the statement added.
“This capital strengthens our ability to accelerate innovation, deepen our product portfolio and scale execution as unmanned systems become increasingly central to national security, public safety and critical infrastructure operations," said Ankit Mehta, Co-founder and CEO of ideaForge Technology.
