Punj Llyod sells 11.92 pc stakes in Pipavav to SKIL Infra

Punj Llyod has sold its 11.92 per cent stake in Pipavav Shipyard to co-promoter SKIL Infrastructure for Rs 402.73 crore, Pipavav informed the Bombay Stock Exchange on Thursday.

Punj Llyod sold 7.93 crore shares, or 11.92 per cent stake in ship building firm, to co-promoter group firm SKIL Infrastructure.

Punj Lloyd now holds 7.51 per cent stake and SKIL Infrastructure holds 34.20 per cent stake in Pipavav Shipyard.

Pipavav Shipyard is also planning to raise Rs 177.80 crore (about USD 40 million) by issuing debentures to two strategic investors.

Last month, Punj Llyod had proposed to sell its entire 19.43 per cent stake in Pipavav Shipyard to co-promoter group firm SKIL Infrastructure for Rs 656.43 crore.

SKIL Infra had offered to buy 20 per cent stake in Pipavav Shipyard from open market at Rs 61.50 a share, a day after it clinched a deal to buy out co-promoter Punj Lloyd's holding at Rs 54 a share.

Shares of Pipavav Shipyard today settled at Rs 83.60 on BSE, down by 2.22 per cent from the previous close.

First Published: Apr 08, 2010 19:05 IST