Zen Technologies raises ₹1,000 cr. in QIP, set to pursue strategic acquisitions, partnerships for expansion

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

As part of the QIP, launched on August 21 and closed on August 23, it allocated more than 62.46 lakh equity shares, each with a face value of ₹1, to qualified institutional buyers at an issue price of ₹1,601 per share. The pricing represents a discount of approximately 5% to the QIP floor price of ₹1,685.18 per share, as determined by SEBI regulations. The QIP was oversubscribed around 5 times, the Hyderabad-based company said.

Kotak Mutual Fund, White Oak Offshore Fund, White Oak Mutual Fund, Motilal Oswal Mutual Fund and Bandhan Mutual Fund were among the key investors who participated in the QIP.

The proceeds will be deployed to accelerate growth plans, which include exploring inorganic growth opportunities and funding working capital requirement. The capital infusion aligns with the company’s long-term vision to penetrate adjacent markets (Naval and Air Force), to continue deep research and development in the field of counter-drone solutions and expand its footprint in the global defense market.

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