Pipavav Defence surges 4% as Reliance Defence buys 3.3% stake from Saab

NEW DELHI: Shares of Pipavav Defence and Offshore Engineering surged over 4 per cent in trade on Friday after Reliance Defence bought further 3.3 per cent stake in the company from global defence and security company, Saab.

In reaction to the development, the scrip gained 4.75 per cent to hit a high of Rs 84.80 on the BSE.

“It is natural to act on the inquiry we got from Reliance Defence Systems to acquire our stake in Pipavav. We believe the cooperation between Saab and Pipavav now has the potential to get even better with the new owner,” Jan Widerström, head of Saab India, said in a statement.

Pipavav Defence and Offshore Engineering Company is now part of Reliance Anil Dhirubhai Ambani Group.