MMRFIC is a Research, Design and Manufacturing entity, building sub-systems for next generation Radars by leveraging machine learning with artificial intelligence and, mm-Wave Sensors with hybrid beam forming capabilities.

As per the terms of the agreement, Sansera would make an investment Rs. 20 crore in MMRFIC via 1,49,250 CCPS of Rs.100/- each with a premium of Rs. 1240/- per CCPS; and 17 equity shares of Re 1/- each with a premium of Rs. 599/- per share. The equity percentage will be determined on conversion of CCPS based on FY24 EBITDA. Based on projected FY24 EBITDA this investment would result in a approx. 21% stake in MMRFIC. Sansera has a right to invest further and increase its stake up to 51% at a predefined valuation formula.

This investment allows Sansera to enter into high technology space and have access to a strong R&D and engineering team which can address our priority market segments viz., Defence and Aerospace. It also has the potential in the Security, Healthcare, Telecom (5G) and the Automotive (autonomous driving — subsystems) technologies that can be exploited in future.