Reliance Infrastructure Ltd said it has received approvals from the Competition Commission of India and the Gujarat Maritime Board to acquire management control of Pipavav Defence and Offshore engineering Company.
In a statement on Monday, R-Infra said it would proceed to complete the acquisition along with its subsidiary Reliance Defence Systems through an open offer to acquire 26 per cent stake in Pipavav Defence at ₹66 a share.
The open offer would remain open between December 2 and 15. According to Reliance’s agreement with the promoters of Pipavav Defence, it will acquire 13 crore shares (about 18 per cent) at ₹63 apiece aggregating ₹819 crore.
Reliance will also acquire from the promoters of Pipavav Defence such number of additional equity shares at ₹63 per share, to ensure that its shareholding is not less than 25.10 per cent of Pipavav Defence.