Punj Lloyd to acquire 12,93,61,538 equity shares in Pipavav Shipyard Ltd

With reference to the earlier announcement dated August 02, 2007 regarding the signing of MoU for investment by the Company in Pipavav Shipyard Ltd (PSL), Punj Lloyd Ltd has announced that it has now entered into a Subscription and Shareholders Agreement with PSL for acquisition of 12,93,61,538 equity shares of Rs 10/- at a price of Rs 27/- per equity share aggregating to Rs 349.28 crores.

It constitutes 28.84% of the present paid up share capital of PSL and which shall constitute 25.56% of the fully diluted paid up share capital of PSL upon issuance of equity shares by PSL to 2i Capital PCC and Industrial Development Bank of India (IDBI) against in-principle equity commitments made to them.

The stock was trading at Rs.294.35, up by Rs.3.05 or 1.05%. The stock hit an intraday high of Rs.295.75 and low of Rs.291.20. The total traded quantity was 75774 compared to 2 week average of 991804.

Source : Equity Bulls

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