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Astra Microwave raises around $9.5M via QIP

By Anuradha Verma

  • 16 Dec 2015
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.

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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. 

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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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