Goodluck India to raise Rs 96 Cr for Defense & Aerospace expansion

Goodluck India to raise Rs 96 Cr for Defense & Aerospace expansion

In an exciting development, Goodluck Defence and Aerospace Private Ltd, a wholly-owned subsidiary of Goodluck India Ltd, has unveiled its ambitious expansion strategy, geared towards the manufacturing of cutting-edge machine products for the defense and aerospace sectors. As per the official announcement made by the company in its exchange filing, Goodluck India’s board has given the green light to a preferential issue valued at a significant Rs 96 crore.

Goodluck Defence and Aerospace, which officially came into existence on August 31, 2023, is poised to make its mark in the industry. The company’s primary focus revolves around the forging, machining, treatment, and coating of steel, stainless steel, special steel, alloys, or any other metal. This involves a range of techniques, including open forging, die forging, and robotic forging. While the company is yet to kickstart its operations, it has already received an initial investment of Rs 40 crore from its parent company.

The proposed funding initiative through the preferential route aims to secure approximately Rs 96 crore. These strategic decisions were made during a recent board meeting and are now awaiting the approval of members and relevant regulatory authorities.

M C Garg, the chairman of Goodluck India, voiced his optimism about the venture, stating, “We are further raising funds through a preferential issue, which will enable us to capitalize on the immense opportunities offered by a robust economy transforming into a developed nation. This is due to its strong demography, resilience, and entrepreneurial capabilities, all amidst a rapidly evolving global landscape.”

The preferential issue includes the sale of 500,000 convertible warrants to the promoter category at an exercise price of Rs 600 per underlying equity share, with a face value of Rs 2 each. This price comprises a premium of Rs 598 per equity share, or any higher rate as may be determined in accordance with Sebi regulations.

Additionally, the company plans to issue 1.1 million equity shares in the non-promoter category to key investors. These shares will be offered at the same exercise price as the promoter category, or at a higher rate as dictated by Sebi regulations.

About Dhruv:

Goodluck India Ltd is an esteemed engineering steel manufacturer specializing in the production of Drawn-on-Mandrel (DOM) tubes for the automotive industry, forgings tailored for applications in the oil & gas, aerospace, and defense sectors, tracker tubes designed for the solar industry, and crash barriers dedicated to enhancing road safety. With a formidable presence, Goodluck operates six state-of-the-art manufacturing facilities strategically located in Uttar Pradesh and Gujarat, enabling us to efficiently cater to clients in over 100 countries worldwide.

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