Moneycontrol BureauShares of Pipavav Defence gained 2.25 percent intraday Thursday. The company's board meeting will be held on January 18, 2016 to consider acquisition and takeover of sole control and management of the company by Reliance Defence Systems and Reliance Infrastructure (Reliance).The company will reconstitute the board of directors, including the appointment of new directors and appointment of Anil Ambani as Chairman in the said meeting.Post this acquisition and takeover, Reliance will become the promoters in place of the existing promoters.It will take note of name change of the company to Reliance Defence and Engineering.It will also consider raising funds by way of QIP and the proposal to exit from the Corporate Debt Restructuring (CDR).The company has informed that it will seek approval of the shareholders for all or any of above matters as also other matters as may be deemed appropriate.The company is going to announce its December quarter results (Q3) on January 15, 2016.At 09:41 hrs Pipavav Defence and Offshore Engineering Company was quoting at Rs 80.45, up Rs 0.60, or 0.75 percent on the BSE.Posted by Rakesh Patil
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