Punj Lloyd to divest its stake in Pipavav to SKIL Infra: report
27 Mar 2010
Delhi-based engineering and construction group Punj Lloyd will sell its 19.4 per cent stake in Pipavav Shipyard to co-founder SKIL Infrastructure, media reports said today.
The deal is likely raise Rs700 crore, at a discount to the prevailing market price as the company is selling the stake before the end of a three-year lock-in period.
Pipavav Shipyard, listed last year, has a market capitalisation of Rs4,251 crore. Founder shares are locked in for a period of three years from the completion of an IPO, under the Sebi regulations.
The Nikhil Gandhi-promoted SKIL Infrastructure, which holds 18.27 per cent stake in Pipavav Shipyard, will have to make an open offer to minority shareholders for a further 20 per cent stake.
Gandhi, also the chairman of Pipavav Shipyard, told CNBC-TV18 in an interview on 8 March that SKIL is not buying any stake from Punj Lloyd.
Meanwhile, According to media reports, Pipavav Shipyard had 2.82 per cent of its stake changing hands in two separate block deals on the Bombay Stock Exchange and National Stock Exchange on Friday.