Radhakishan Damani Returns To Astra Microwave, Joins Rs 174-Crore Fundraise Via Warrants
The board of Astra Microwave has approved the allotment of up to 20.14 lakh convertible warrants at a subscription price of Rs 864 per share.
Radhakishan Damani is back in focus at Astra Microwave Products Ltd. The veteran investor, who last held over 1% in the company as of March 2023, has re-entered the radar and participated in the company's latest Rs 174-crore fundraise via convertible warrants.
The board of Astra Microwave has approved the allotment of up to 20.14 lakh convertible warrants at a subscription price of Rs 864 per share, a 20.5% discount to the current market price. The tenure of the warrants will not exceed 18 months.
Among key investors, Damani's brother and noted investor Gopikishan Damani is taking a Rs 49.99 crore slice in the issuance, translating to a 0.60% post-issue shareholding. Other significant allottees include Atim Kabra and Ratnabali Equity, with Rs 49.99 crore and Rs 24.99 crore, respectively. Promoter Renuka Chitrakar will also participate, investing Rs 3.99 crore.
The renewed interest comes at a time when Astra Microwave is projecting robust growth. The company, a key player in radar and sub-system technologies, is guiding for 15–20% revenue growth in fiscal 2026. Its order book stood at Rs 2,332 crore as of December 2024, and management expects a 20% expansion by the next fiscal. An increasing share of high-margin domestic orders over exports is also seen as a structural positive.
On valuations, the stock is currently trading at a trailing price to earnings ratio of 76 times, above its three-year average of 63 times. The warrant subscription price, however, implies a lower multiple of around 61 times.
