Pipavav Defence gains 2.5% on raising funds
Shares of Pipavav Defence and Offshore Engineering Company are trading higher by 2.5% at Rs 58 after the company announced that it had roped in an international strategic investor.
It has issued eight million eight hundred and eighty shares of face value of Rs 10 each to an international strategic investor at a price not less than Rs 110, the company said in a filing to the BSE.
The investor is leading and extremely reputed global conglomerate with strong interest in defence sector and will bring in critical technology required to manufacture of complex and critical equipments, the release added.
Nikhil Gandhi, chairman of Pipavav Defence, had earlier said his group will be investing over Rs 5,230 crore to build warships.
The stock opened at Rs 56 and touched the high of Rs 58.2. A total of 17,42,000 shares have changed hands on the BSE compared to its two-week average of 33,88,000 shares.