Pipavav Defence and Offshore Engineering Company (formerly Pipavav Shipyard) today surged by nearly 5% on the bourses after the company's board approved the issue of securities worth Rs 81.90 crore to ace investor Rakesh Jhunjhunwala, his wife and a close associate.
The stock, which made a firm opening on the Bombay Stock Exchange, jumped further by 4.39% to touch a high of Rs 80.70 in early trade.
In a similar fashion, the stock went up by 4.92% to touch an early high of Rs 81 on the National Stock Exchange.
Pipavav yesterday said its board has approved the issue of securities worth Rs 81.90 crore to Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala and his close associate Utpal Sheth.
The securities amount to 1,05,00,000 warrants.
Jhunjhunwala and his wife would be allotted 5,000,000 warrants each, while Sheth will get 500,000 warrants, the company has said in a filing to the Bombay Stock Exchange.
Besides this, the company board also approved the issue of 1 crore warrants, worth Rs 78 crore, to its promoter Grevek Investments and Finance.
