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Astra Microwave raises around $9.5M via QIP

Hyderabad-based Astra Microwave Products Ltd, a microwave and radar component manufacturer, has raised around Rs 65 crore (approximately $9.5 million) through a qualified institutional placement (QIP), according to a stock market disclosure.

In a meeting held on December 14, the firm’s QIP committee approved the closure of the QIP.

The company issued 4.78 million equity shares at an issue price of Rs 135.8, including a premium of Rs 133.8 per share to qualified institutional buyers. Names of the buyers, however, have not been disclosed.

Astra Microwave designs, develops and manufactures sub-systems for RF and microwave systems used in defense, space, meteorology and telecommunications.

It offers lower power microwave sub-systems for central acquisition radar (CAR), electronic beam-former for three-dimensional (3-D) radar, coherent frequency generators, L-band modulators, tower mounted amplifiers, tower mounted boosters and code division multiple access (CDMA) rejection filters.

The company is backed by investors including Strategic Ventures Fund Ltd (SVF), a private equity fund managed by Frontline Strategy Ltd, which owns 2.19 per cent equity stake in the company as of September 30, 2015. 

On Tuesday, shares of Astra Microwave were trading at Rs 135.5 apiece, up 1.23 per cent at 12:15 PM on the BSE in a flat Mumbai market. 

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