You are here: Home » Markets » News
Business Standard

Pipavav Defence slumps 10% post Reliance Infra deal

Shares of Pipavav Defence have slipped 10% to Rs 69 while Reliance Infra has surged 3.39% to Rs 491 on the BSE

SI Reporter  |  Mumbai 

Pipavav Defence

Pipavav Defence, a private shipyard based in Pipavav Defence in Gujarat has plunged 10% at Rs 69 on the Bombay Stock Exchange as the proceeds of the all-cash deal would go to the promoters and not the company.

According to a Reliance Group release, Anil Ambani will take over as chairman of Pipavav Defence, with full management control.

Reliance Infrastructure will first invest Rs 819 crore for 17.66 per cent stake at Rs 63 a share from the promoters and, subsequently, launch an open offer for an additional 26 per cent stake at Rs 66 a share (Rs 1,266 crore).

Shares of Pipavav Defence have slipped 10% to Rs 69. Around 267,922 shares have changed hand on the BSE.

Reliance Infra surged 3.39% to Rs 491 on the BSE. Around 141,464 shares have changed hand on the BSE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, March 05 2015. 09:31 IST