In a bid to finance its growth plans for the defence sector, Pipavav Defence and Offshore Engineering Company has received its shareholders’ approval to mop up about Rs 1,100 crore. The company’s members gave approval for the same in an extra-ordinary general meeting held on June 21, 2012. Earlier, the company’s board gave approval for raising funds on April 27.
The company will raise the said fund through Foreign Currency Convertible Bonds (FCCBs), Qualified Institutional Placement (QIP) or similar securities, which may be converted partially or even fully.
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.
