ideaForge Technology Limited has raised ₹500 crore from a Qualified Institutional Placement of equity shares.
Khaitan & Co advised ideaForge Technology and the Lead Managers, JM Financial Limited and IIFL Capital Services Limited on this QIP.
The transaction team included Gautham Srinivas (Partner), Sathvik Ponnappa (Partner), Vaishnavi Gupta (Senior Associate), Associates Anubhav Jaiswal, Sarvesh Sharma, Shambhavi Gautam, Vidushi Tanya and Rishav Khetan.
Hogan Lovells Cadwalader served as the international legal counsel for the lead managers.
The transaction was led by Biswajit Chatterjee (Head of the India Practice and Dubai Office Managing Partner), with support from Kaustubh George (Counsel) and Purva Mishra (Associate).
ideaForge is a vertically integrated company with an in-house product development centre, allowing the Company to design, develop, engineer, and manufacture indigenous unmanned aerial vehicles (UAVs). ideaForge has the largest operational deployment of indigenous UAVs across India.
The fresh capital enhances the Company's capacity to speed up innovation, broaden product range, and scale execution.
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