In talks with Skil Infra for inter se promoter transfer.
The Delhi-based infrastructure developer Punj Lloyd plans to sell its 19.4 per cent stake in Pipavav Shipyard to co-promoter Skil Infrastructure through an inter se promoter transfer. The stake is valued at Rs 825 crore at the company’s current market capitalisation of Rs 4,251 crore. The Nikhil Gandhi-promoted Skil Infrastructure has an 18.27 per cent stake in Pipavav Shipyard.
“They have reached an advanced stage of negotiations and the deal is likely to get through very soon,” a person familiar with the development said.
Both the spokespersons of Punj Lloyd and Skil Infrastructure did not respond to calls.
Punj Lloyd has a lock-in period of three years from the date of commercial production or from the date of allotment. The date of allotment is September 2007 for the company and commercial production commenced in April 2009. This means Punj Lloyd will not be able to sell the stake before April 2012. But there can be an inter se transfer between promoters. Besides, an inter se transfer of shares is not expected to invoke any open offer.
Pipavav Shipyard sees block deal
Meanwhile, Pipavav Shipyard had 2.82 per cent of its stake changing hands in two separate block deals on the Bombay Stock Exchange and National Stock Exchange on Friday.
Smallcap World Fund bought 18.8 million shares of Pipavav Shipyard for Rs 120 crore in these two transactions, out of which 7.5 million shares were sold by Money Matters Advisory Service. The transacted shares constitute a 2.82 per cent stake in the company.
Further details about the promoters of Smallcap World Fund and Money Matters Advisory Service could not be ascertained.
