Pipavav Defence and Offshore Engineering trades higher on the bourses

Pipavav Defence and Offshore Engineering is currently trading at Rs. 84.50, up by 0.25 points or 0.30% from its previous closing of Rs. 84.25 on the BSE.

The scrip opened at Rs. 84.55 and has touched a high and low of Rs. 85.00 and Rs. 84.10 respectively. So far 7, 74,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 92.60 on 13-Sep-2011 and a 52 week low of Rs. 50.65 on 21-Nov-2011.

Last one week high and low of the scrip stood at Rs. 85.55 and Rs. 83.65 respectively. The current market cap of the company is Rs. 5,840 crore.

The promoters holding in the company stood at 43.34% while Institutions and Non-Institutions held 18.62% and 38.04% respectively.

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.