Pipavav Defence allots 1cr shares to Rakesh Jhunjhunwala
Ace stock market invetor RakeshJhunjhunwala along with his wife will hold around 1.35 per cent stake in Pipavav after conversion of all the outstanding securities.
Pipavav Defence has allotted one crore shares to ace stock market investor Rakesh JhunJhunwala at Rs 78/share.
Two years back, Jhunjhunwala had invested Rs 82 crore in SKIL Infrastructure-owned Pipavav Defence & Offshore Engineering (formerly Pipavav Shipyard) through convertible warrants. These warrants, subscribed at Rs 78 each, are convertible in 18 months.Jhunjhunwala along with his wife will hold around 1.35 per cent stake in Pipavav after conversion of all the outstanding securities.Read This: Rakesh Jhunjhunwala cuts stake in Titan Ind to 6.77%At present, the promoter group, including SKIL Infrastructure and SKIL Shipyard Holdings, hold 45 percent stake in the company, of which 99.6 per cent is being pledged with financial institutions. Foreign institutional investors hold 8.55 percent stake in the company, while domestic institutions stake stands at 11.56 percent.Meanwhile, Pipavav Defence operates one of the largest shipyards in India and among the fifth largest in the world in terms of its size and it is the only private shipyard in India to have license to produce frontline warships.Shares of Pipavav were marginally down to Rs 69.95 at 9:20 am Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
