"RDEL, formerly known as Pipavav Defence and Offshore Engineering Company intends to augment long-term resources by making a rights issue of equity shares aggregating up to Rs 1,200 crore," the company said in a BSE filing.
Pipavav Defence and Offshore Engineering Company (Pipavav Shipyard) today reported a 10.7 per cent dip in net profit to Rs 8.40 crore for the quarter ended September 30.
State-run warship building yard Mazgaon Docks (MDL) has entered into separate joint ventures with Larsen & Toubro and Pipavav Defence and Offshore Engineering for constructing submarines and warships, respectively.
Pipavav Defence and Offshore Engineering expects significant improvement in the order book in two quarters, Chairman Nikhil Gandhi pointed out. Defence orders to drive order inflow in coming quarters, he added.
SKIL Group's flagship company Pipavav Defence and Offshore Engineering today said there was no disruption of any kind at its production units due to income tax officials visiting the firm's premises last week for verification of certain issues.
Shares of Pipavav Defence and Offshore Engineering, previously known as Pipavav Shipyard, surged slightly over 10% on Monday after the company announced its plans to build submarines and warships, reports CNBC-TV18.