Srei Infrastructure Finance sells 57.38 lakh shares in Pipavav Defence

NEW DELHI: Srei Infrastructure Finance today offloaded 57.38 lakh shares in Pipavav Defence and Offshore Eng Ltd for Rs 51.34 crore through an open market transaction.

As per the bulk deals data available with NSE, Srei sold 0.78 per cent stake or 57.38 lakh shares in Pipavav Defence and Offshore Eng.

The shares were sold at an average price of Rs 89.47.

However, the buyer(s) of the shares could not be ascertained immediately.

In March, Anil Ambani group firm Reliance Infrastructure had announced plans to acquire a controlling stake in Pipavav Defence for up to Rs 2,082 crore.

"Upon completion of applicable formalities, Reliance Infrastructure will acquire sole management control of Pipavav Defence and the board of Pipavav will be reconstituted, together with the company being renamed Reliance Defence and Engineering Ltd," a statement by Reliance Infrastructure had said.

Shares of Pipavav Defence and Offshore Eng closed at Rs 86.95 on BSE, down 2.41 per cent.