Pipavav Shipyard today said its board has approved the issue of about 2.52 crore convertible warrants to its promoter, SKIL Infrastructure, which will lead to the infusion of nearly Rs 250 crore into the company.
The company today posted a net loss of Rs 9.78 crore for the first quarter ended June 30, 2010. It had registered a profit of Rs 1.66 crore during the same period in 2009-10, it said in a filing to the stock exchanges.
Total income of the company stood at Rs 176 crore in the first quarter of this fiscal, compared to Rs 141 crore in the April-June quarter of the previous fiscal, the statement said.
Meanwhile, the company has appointed Jigar Shah as the Chief Financial Officer (CFO) of the company.