Multibagger Defence Drone Company Receives In-Principle Approval for Rs 151 Crore Government Funding; FII & DII Stake Increases
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ideaForge Technology has received a Letter of Intent (LOI) from the Technology Development Board for in-principle financial assistance of up to Rs 151 crore to develop its heavy-lift autonomous aerial logistics vehicle under the Government's RDI Scheme.
✨ Key Takeaways
On Friday, Indian equity benchmark indices traded higher, with the benchmark Nifty 50 index rising 66.45 points, or 0.27 per cent, to 24,383.60. Amid the positive market sentiment, ideaForge Technology share price gained 2.82 per cent to Rs 875.10 after the company announced that it had received a Letter of Intent (LOI) from the Technology Development Board (TDB) for financial assistance under the Government's Research Development and Innovation (RDI) Scheme.
ideaForge Technology Receives LOI from Technology Development Board
ideaForge Technology informed the exchanges that it has received a Letter of Intent (LOI) dated July 27, 2026, from the Technology Development Board (TDB), a statutory body under the Department of Science and Technology, Government of India.
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Download Service BrochureThe company has reviewed the terms of the LOI and submitted its acceptance within the stipulated timeline. The LOI provides in-principle approval for financial assistance towards the company's project, subject to due diligence and execution of definitive agreements.
ideaForge Technology Project Details
The proposed project, titled "YETI – Heavy Lift Long Range Autonomous Aerial Logistics Vehicle," has an estimated project cost of Rs 302 crore.
Under the RDI Scheme, the TDB has granted in-principle approval to provide financial assistance of up to Rs 151 crore in the form of a loan. The final sanctioned amount will be determined by the TDB after completion of the approval process.
Key Terms of the Assistance
The proposed financial assistance carries a simple interest rate of 4 per cent per annum with a project completion period of three years from the date of the first disbursement.
The funding will be released in multiple tranches, subject to the company arranging an equivalent amount from non-government sources and achieving predefined project milestones. The company clarified that the LOI is not a final sanction letter and remains subject to satisfactory due diligence and execution of definitive agreements.
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Shareholding Pattern
The company's institutional shareholding witnessed a sharp increase during the July 2026 quarter. Domestic Institutional Investors (DIIs) raised their stake to 10.98 per cent from 2.69 per cent in June 2026, while Foreign Institutional Investors (FIIs) increased their holding to 8.27 per cent from 4.89 per cent. Promoter holding stood at 25.26 per cent, compared with 28.96 per cent in the previous quarter, while public shareholding declined to 55.49 per cent from 63.46 per cent, reflecting strong institutional participation.
About ideaForge Technology
ideaForge Technology Ltd is one of India's leading drone technology companies, engaged in the design, development and manufacture of unmanned aerial systems (UAS) for Defence, homeland security and industrial applications. Its products are widely used by the Indian Armed Forces, central armed police forces and state police agencies for surveillance, mapping and intelligence operations.
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Disclaimer: The article is for informational purposes only and not investment advice.