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Shares of Pipavav Defence and Offshore Engineering Company were down 8% to Rs 63.25, extending its Thursday’s 10% fall on BSE, after Reliance Infrastructure said that it will buy 18% stake in the company for aggregate amount of Rs 819 crore.
The stock hit a low of Rs 61.70 and dropped below its acquisition price of Rs 63 per share during intra-day trade on BSE. Till 1050 hours, a combined 15.6 million shares changed hands on the counter on BSE and NSE.
On March 4, 2015, Anil Ambani-led Reliance Infrastructure announced the acquisition of Pipavav Defence and Offshore Engineering Company, together with sole management control.
Reliance Infrastructure, together with its wholly-owned subsidiary Reliance Defence Systems Private Ltd., has agreed to acquire 18% stake from the promoters of Pipavav Defence for Rs 819 crore at Rs 63 a share, the company said in a statement.
In the wake of share acquisition, the company has come out with the mandatory open offer to acquire an additional 26% shares from the public shareholders at a price of Rs 66 per share.
The stock hit a low of Rs 61.70 and dropped below its acquisition price of Rs 63 per share during intra-day trade on BSE. Till 1050 hours, a combined 15.6 million shares changed hands on the counter on BSE and NSE.
On March 4, 2015, Anil Ambani-led Reliance Infrastructure announced the acquisition of Pipavav Defence and Offshore Engineering Company, together with sole management control.
Reliance Infrastructure, together with its wholly-owned subsidiary Reliance Defence Systems Private Ltd., has agreed to acquire 18% stake from the promoters of Pipavav Defence for Rs 819 crore at Rs 63 a share, the company said in a statement.
In the wake of share acquisition, the company has come out with the mandatory open offer to acquire an additional 26% shares from the public shareholders at a price of Rs 66 per share.
