Pipavav gives 3.5% stake worth over Rs 200 cr to Sweden's SAAB AB
Pipavav Defence and Offshore Engineering Company Ltd said on Monday it has allotted shares worth Rs 2 billion ($36 million) to Swedish defence and aerospace group Saab AB, as part of a pact to jointly explore opportunities in the Indian market.
By PTI | Updated:
NEW DELHI: Pipavav Defence and Offshore Engineering Company Ltd on Monday said it has alloted over 2.45 crore shares of Swedish defence major SAAB AB for about Rs 200.96 crore.
In a filing to the BSE, the company said that securities allotment and transfer committee of its Board, at the meeting held today, has alloted 2,45,07,881 shares of face value of Rs 10 each to SAAB at a premium of Rs 72 per equity share, aggregating to Rs 200,96,46,242.
SAAB is Sweden-based defence major and has been roped in by Pipavav as a strategic investor. Today's allotment of shares to SAAB amount to about 3.50 per cent stake in Pipavav.
In November, the company had announced bringing in SAAB as strategic investor by allotting its 3.5 per cent stake through preferential allotment of shares for about Rs 201 crore.
Pipavav scrip closed at Rs 69.90 on the BSE, down 0.71 per cent from the previous close.
In a filing to the BSE, the company said that securities allotment and transfer committee of its Board, at the meeting held today, has alloted 2,45,07,881 shares of face value of Rs 10 each to SAAB at a premium of Rs 72 per equity share, aggregating to Rs 200,96,46,242.
SAAB is Sweden-based defence major and has been roped in by Pipavav as a strategic investor. Today's allotment of shares to SAAB amount to about 3.50 per cent stake in Pipavav.
In November, the company had announced bringing in SAAB as strategic investor by allotting its 3.5 per cent stake through preferential allotment of shares for about Rs 201 crore.
Pipavav scrip closed at Rs 69.90 on the BSE, down 0.71 per cent from the previous close.
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