Zen Technologies raises Rs 1,000 cr in QIP, gears up for strategic acquisitions and partnerships to expand

Defence simulation equipment and counter-drone solutions provider Zen Technologies has raised ₹ 1,000 crore through its first qualified institutional placement (QIP).

The QIP, which was launched on August 21 and closed on August 23, saw over 62.46 lakh ordinary shares, each with a face value of ₹1, allotted to qualified institutional buyers at an issue price of ₹1,601 per share. The price represents a discount of around 5% from the QIP floor price of ₹1,685.18 per share, as per SEBI regulations. The QIP was oversubscribed by around 5 times, the Hyderabad-based company said.

The anchor investors in the QIP programme included Kotak Mutual Fund, White Oak Offshore Fund, White Oak Mutual Fund, Motilal Oswal Mutual Fund and Bandhan Mutual Fund.

The proceeds will be used to accelerate growth plans, which include exploring inorganic growth opportunities and funding working capital requirements. The capital infusion is in line with the company’s long-term vision to penetrate adjacent markets (Navy and Air Force), continue deep R&D in counter-drone solutions and expand its presence in the global defense market.

“We are now well-positioned to pursue strategic acquisitions and partnerships that will accelerate our market expansion and enhance our capabilities in defense simulation training and counter-drone technologies,” said CEO Ashok Atluri.