Pipavav’s promoter sell 38.1% stake to IL&FS

Pipavav Defence and Offshore Engineering has sold 38.1% stake following a fresh pledge of Rs 12.93 crore shares by the promoters to IL&FS Trust. It has pledged the shares for term loan availed by SKIL Shipyard Holdings from various lenders in favor of IL&FS Trust Company in capacity as security trustee.

Prior to this transaction, IL&FS Investment had 19.39% stake or Rs 13.40 crore shares in the private sector ship-maker. IL&FS Trust Company now has Rs 26.33 crore shares, including the freshly-pledged shares.

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.