Pipavav Defence zooms as LIC buys 2 cr shares for Rs 171 cr

Pipavav Defence and Offshore Engineering has zoomed 4 percent at Rs 83 from its previous close of Rs 79 after Life Insurance Corporation hiked its stake to 5.63 percent in the company with fresh acquisition of shares worth over Rs 171 crore through an open market transaction.

[caption id=“attachment_296795” align=“alignleft” width=“380” caption=“The scrip touched an intra-day high of Rs 83.50 and low of Rs 80.80 today”]  [/caption]

The scrip touched an intra-day high of Rs 83.50 and low of Rs 80.80 today. The total volume of shares traded at the BSE is 3,730,685. According to the bulk deal data of stock exchanges, country’s largest life insurer LIC bought 2.15 crore shares of Pipavav at Rs 79.50 apiece, valuing the the deal at Rs 171.21 crore.

With the acquisition, LIC now owns 5.63 crore shares in private shipbuilder Pipavav. Prior to this acquisition, LIC held 3.48 crore shares, or 5.04 percent stake in Pipavav.

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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.

Agencies