Life Insurance Corporation (LIC) has hiked its stake in Pipavav Defence and Offshore Engineering to 5.63% with fresh acquisition of shares worth over Rs 171 crore through an open market transaction. The country’s largest life insurer bought 2.15 crore shares of Pipavav at Rs 79.50 apiece, valuing the deal at Rs 171.21 crore.
Following the acquisition, LIC now owns 5.63 crore shares in private shipbuilder Pipavav. Prior to this acquisition, LIC held 3.48 crore shares, or 5.04% stake in Pipavav.
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.
