Pipavav promoters sell 38% more stake to IL&FS

Pipavav Defence and Offshore Engineering sold 38.1 percent stake following a fresh pledge of Rs 12.93 crore shares by the promoters to IL&FS Trust.

“The above shares pledged are for term loan availed by SKIL Shipyard Holdings from various lenders in favour of IL&FS Trust Company in capacity as security trustee,” Pipavav said in a BSE filing.

IL&FS Investment had 19.39 percent stake or Rs 13.40 crore shares in the private sector ship-maker before the transaction. Pipavav said the mode of acquisition of shares was “encumbrance by way of pledge”. IL&FS Trust Company now has Rs 26.33 crore shares, including the freshly-pledged shares.

As on 31 March, 2012, promoters had 43.50 percent stake in the company. The company recently received shareholders’ approval to raise up to about Rs 1,100 crore to finance its growth plans for the defence sector. The board had given the approval on 27 April.

Pipavav Defence and Offshore Engineering Company, which has “major growth plans” for expanding presence in the defence sector, had said the funds would be used to expand existing infrastructure or setting up of new facilities.

The private sector shipbuilder would use instruments such as Foreign Currency Convertible Bonds, Qualified Institutional Placement (QIP) or similar securities, which may be converted partially or even fully. Pipavav may list the securities on stock exchanges abroad or in India.

PTI