ISRO & OPPO India Collaborates To Provide NavIC Application

ISRO & OPPO India Collaborates To Provide NavIC Application,
Paving Way For Atmanirbhar Bharat

Indian Space Research Organisation, Department of Space, Government of India signs an MoU with OPPO India to strengthen the research and development of the NavIC messaging service to provide a convenient and user-friendly platform. This MoU will pave the way for future collaborations between ISRO and OPPO India to develop indigenous solutions by incorporating the NavIC short messaging feature in the smartphones released by OPPO India.

This MoU will enable ISRO and OPPO India to exchange technical information of NavIC messaging services so as to build rapid, ready to use, end to end application-specific solutions by integrating NavIC messaging service with the mobile handset platform keeping in mind the need of Indian users. This MoU further reiterates OPPO India's commitment towards India and its vision towards Atmanirbhar Bharat.

Commenting on this collaboration, Mr Tasleem Arif, Vice President, India R&D Head, OPPO India, said, “We’re excited to collaborate with ISRO to strengthen the NavIC application. Under our latest MoU, we will support ISRO with our industry-leading R&D capabilities to provide a seamless experience to the users of NavIC application. In line with our vision towards Make In India, OPPO will invest in further scaling the product with its competitive and experienced R&D team. To benefit our users and the government, OPPO will continue to create a positive impact in the society through our innovation and technology expertise.”

Dr. K Sivan, Secretary, DOS / Chairman, ISRO appreciated the efforts of OPPO, India in scaling NavIC application through their innovative R&D initiatives. He also urged OPPO, India to include NavIC in all their upcoming products .

NavIC system provides regional navigation services covering the Indian mainland and an area up to 1500 km beyond the Indian mainland. In addition to its primary function of providing PNT services, NavIC is also capable of broadcasting short messages. This messaging service is mainly used for broadcasting safety-of-life alerts in areas with poor or no communication , particularly in the oceans.

MTAR Technologies Ltd. Public Offering of Equity Shares

 MTAR Technologies Ltd. Public Offering of Equity Shares
opening on March 3, 2021

 ·         Price Band of Rs. 574 – Rs. 575 per equity share of face value of Rs. 10 each (“Equity Share”)

·         Bid/Offer Opening Date – Wednesday, March 3, 2021 and Bid/Offer Closing Date – Friday, March 5, 2021

·         Minimum Bid Lot is 26 Equity Shares and in multiples of 26 Equity Shares thereafter

·         The Floor Price is 57.40 times the Face Value of the Equity Shares and the Cap Price is 57.50  times the Face Value of the Equity Shares.

MTAR Technologies, a Hyderabad based precision engineering solutions company engaged in the manufacturing and development of mission critical precision components and critical assemblies catering to clean energy, nuclear and space and defense sectors, will open the Bid/Offer period in relation to its initial public offering of Equity Shares (the “Offer”/ “IPO”) on Wednesday, March 3, 2021 and close on Friday, March 5, 2021. The price band for the Offer has been decided at Rs. 574 – Rs. 575 per Equity Share. The Company and the Selling Shareholders may, in consultation with the book running lead managers (the “BRLMs”), consider participation by Anchor Investors which shall be one Working Day prior to the Bid/Offer Opening Date, i.e. Tuesday, March 2, 2021. MTAR has, in consultation with the Book Running Lead Managers, undertaken a Pre-IPO Placement of 1,851,851 Equity Shares, aggregating to Rs. 100 Cr with Axis and SBI mutual funds. 

The IPO is a fresh issuance of upto 21,48,149 equity shares, of Rs 10 face value, aggregating up to 124 Cr and an Offer for sale of up to 8,224,270 equity shares aggregating up to Rs 473 cr, of face value of Rs 10 each, by Selling Shareholders. The Company proposes to utilise the Net Proceeds from the Fresh Issue towards repayments of borrowings by the Company, funding working capital requirements and for general corporate purposes.

The Company’s key strength lies in its engineering capabilities which has enabled it to consistently offer quality complex precision manufactured assemblies and components to its customers in highly-valued strategic and key sectors like clean energy, nuclear, and space and defense segments. MTAR Technologies’ key portfolio comprises of three kinds of products in the clean energy sector, 14 kinds of products in the nuclear sector and six kinds of products in the space and defence sectors. Delivery of complex products with stringent quality requirements within stipulated timelines in majority of cases has earned MTAR a long-standing relationship with its customers such as Nuclear Power Corporation of India Limited (“NPCIL”), the Indian Space Research Organisation (“ISRO”), the Defence Research and Development Organisation (“DRDO”), and Bloom Energy (USA).

JM Financial and IIFL Securities are appointed as the BRLMs to the Issue.

The Offer is being made through the Book Building Process and in compliance with Regulation 6(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”). Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations subject to valid Bids being received from them at or above the Offer Price.