Life Insurance Corporation of India (LIC) has increased its stake in Pipavav Defence and Offshore Engineering with fresh acquisition of shares worth Rs 10.42 crore. LIC has purchased 1.3 million equity shares, or 0.188% stake, in the company on April 12 through open markets for Rs 10.42 crore from the National Stock Exchange.
Following the acquisition, LIC now owns 3,48,49,260 shares in Pipavav. Its current holding in the company stood at 5.041%. It had 3,35,49,260 shares before the transaction.
Pipavav Defence and Offshore Engineering Company is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit spread over around 95 hectares of land and another export oriented unit (EOU) spread over around 103.92 hectares of land.
