Acquires 18% shareholding for Rs 819 crore
Reliance Infrastructure announced the acquisition of Pipavav Defence and Offshore Engineering Company together with sole management control.Reliance Infrastructure, together with its wholly owned subsidiary Reliance Defence has agreed to acquire from the promoters of Pipavav Defence 13,00,00,000 equity shares representing approximately 18% shareholding in the Company at a price of Rs 63 per share, aggregating Rs 819 crore.
Pursuant to the acquisition, Reliance Defence has issue a public announcement to make a mandatory open offer to acquire 26% share from the public shareholders of the Company, at a price of Rs 66 per share, in term of applicable SEBI Takeover Regulations.
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