Shares of Pipavav Defence surge over 5% on open offer

Shares of Pipavav Defence and Offshore Engineering today settled with gains of over 5 per cent after Reliance Infrastructure said it will make an open offer to acquire an additional 26 per cent in the company.
The Rs 1,263-crore open offer is scheduled to start on December 2.
The shares of the company, which surged 6 per cent during the day ended the session at 62.95, up 5.09 per cent over its previous closing price.
Following the uptick in the stock price, the market capitalisation of the company surged by Rs 224 crore to Rs 4,634.42 crore.
On NSE, the stock closed at Rs 62.95, registering a surge of 5.09 per cent. During the day the stock had jumped 6 per cent to Rs 63.50.

In March, the Anil Ambani group firm had announced plans to acquire a controlling stake in Pipavav Defence for up to Rs 2,082 crore.

Meanwhile, Reliance Infrastructure settled in negative territory down 0.38 per cent at Rs 415.45 on BSE.
The open offer, to be made by Reliance Infrastructure along with its wholly-owned subsidiary Reliance Defence Systems Pvt Ltd, will stay open till December 15.
The company is looking to acquire up to 19.14 crore shares from public shareholders of Pipavav at a price of Rs 66. This values the deal at Rs 1,263.32 crore.