Pipavav Defence gains on plans for strategic partnership with French company

18 Apr 2013

Pipavav Defence is currently trading at Rs. 73.90, up by 0.50 points or 0.68% from its previous closing of Rs. 73.40 on the BSE.

The scrip opened at Rs. 73.90 and has touched a high and low of Rs. 74.25 and Rs. 73.80 respectively. So far 2087 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 98.35 on 13-Dec-2012 and a 52 week low of Rs. 52.65 on 27-Jul-2012.

Last one week high and low of the scrip stood at Rs. 75.20 and Rs. 73.10 respectively. The current market cap of the company is Rs. 5181.86 crore.

The promoters holding in the company stood at 45.03% while Institutions and Non-Institutions held 19.13% and 35.83% respectively.

Pipavav Defence and Offshore Engineering Company (PDOECL) is in final talks with a French company - DCNS, a world renowned warship and submarine builder, for a strategic partnership. With this deal company plans to sell some stake to the French defence major and will bring in its technologies, methods and skills. PDOECL will sale its stake through issuing new equity to DCNS, thereby diluting the present share capital of Pipavav. The entity had forged a similar strategic partnership with Swedish defence major SAAB last year and had announced to allot about 3.5% stake to SAAB.

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.

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