Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, has acquired a minority stake in India-listed Paras Defense and Space Technologies Ltd for more than Rs628 million ($7.5 million).

ADIA bought a 1.43% stake in the National Stock Exchange-listed company through bulk deals on June 14. 

The sovereign fund purchased more than 560,000 shares of Paras Defense at an average price of Rs 1120.71 per share.

In March, Economic Times newspaper reported that ADIA was in talks with India’s audio storytelling platform Pocket FM to invest around $1.2 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)