Pipavav Shipyard at lifetime high on Punj Lloyd exit

Pipavav Shipyard is trading at its all-time high of Rs 65 after the Delhi-based infrastructure developer Punj Lloyd sold its 19.4% stake in the company to SKIL Infrastructure. The stock has gained 2% over its previous close in intraday deals today.

The company have informed the stock exchanges that, SKIL Infrastructure, SKIL Shipyard Holdings and Punj Lloyd, have executed a Share Purchase Agreement on March 27, agreed to sell 129.36 million fully paid up equity shares of Rs 10 each of the company representing 19.43% of the paid up share capital of the company to SKIL and SKIL Shipyard in two tranches, for an aggregate consideration of Rs 656.46 crore.

“The said shares shall be placed in an escrow account until the completion of any Open or Public Offer that SKIL and SKIL Shipyard may be required to undertake in accordance with the provisions of the Takeover Code” the company said in its press release to the BSE.

The Nikhil Gandhi-promoted Skil Infrastructure has an 18.27% stake in the company and is valued at Rs 825 crore.