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SAAB AB picks 3.5% stake in Pipavav Defence and Offshore Engineering

28 May 2013 Evaluate

Pipavav Defence and Offshore Engineering has allotted over 2.45 crore shares amounting 3.5% stake in the company to Swedish defence major SAAB AB for about Rs 200.96 crore. The company has allotted 2,45,07,881 shares of face value of Rs 10 each to SAAB at a premium of Rs 72 per equity share, aggregating to Rs 200,96,46,242.

SAAB is Sweden-based defence major and has been roped in by Pipavav as a strategic investor. The company last year in November had announced bringing in SAAB as a strategic investor by allotting its 3.5% stake through preferential allotment of shares for about Rs 201 crore.

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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