Punj Lloyd cuts its stake in Pipavav Shipyard

Pipavav Shipyard Ltd said on Thursday engineering firm Punj Lloyd has sold 79.36 million shares, or 11.9 percent stake in the shipbuilder, to its co-owners. After the sale, Punj still holds 7.5 percent in Pipavav. Last month, it had said it will sell its 19.43 percent stake in Pipavav for 6.56 billion rupees to SKIL Infra and SKIL Shipyard - the co-owners of Pipavav.
Meanwhile, SKIL Infrastructure acquired 99.4 million shares, or 14.93 percent of its equity, through the open market, taking its holding in Pipavav to 33.2 percent, it said in a filing to the Bombay Stock Exchange on Thursday.
On March 30, SKIL Infra and SKIL Shipyard Holdings launched an offer to buy 133.16 million shares, or 20 percent equity, of Pipavav, at a price of 61.50 rupees a share.
The company also plans to raise up to 1.78 billion rupees by issuing convertible debentures on preferential basis. At 12.07 pm, shares in Pipavav Shipyard were down 1.4 percent at 84.3 rupees while Punj Lloyd was up 0.25 percent at 179.8 rupees.