Tuesday, December 17, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. Reliance Infra acquires Pipavav for Rs 819 cr

Reliance Infra acquires Pipavav for Rs 819 cr

New Delhi: In the biggest acquisition in the defence sector in the country, billionaire Anil Ambani-led Reliance Infrastructure today announced acquisition of Pipavav Defence and Offshore Engineering for Rs 819 crore.Reliance Infra will buy 18

PTI Published : Mar 04, 2015 19:49 IST, Updated : Mar 04, 2015 20:11 IST
reliance infra acquires pipavav for rs 819 cr
reliance infra acquires pipavav for rs 819 cr

New Delhi: In the biggest acquisition in the defence sector in the country, billionaire Anil Ambani-led Reliance Infrastructure today announced acquisition of Pipavav Defence and Offshore Engineering for Rs 819 crore.

Reliance Infra will buy 18 per cent stake in the company at Rs 63 per share and make an open offer for additional 26 per cent at Rs 66 per share.

The company will buy an additional 7.1 per cent from promoters if the open offer fails.

Post transaction, existing promoters of Pipavav Defence will continue to retain a minority stake in the company, together with two non-executive board seats.

After completion of the acquisition, Ambani will become Chairman of the company, which will be renamed as Reliance Defence Limited.

 

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement