Pipavav Defence and Offshore Engineering Company Limited (formerly Pipavav Shipyard) today said its Board has approved issue of securities worth Rs. 81.90 crore to ace investor Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala and his close associate Utpal Sheth.
The securities amount to 1,05,00,000 warrants, the company said in a filing to the Bombay Stock Exchange (BSE). It added that Rakesh Jhunjhunwala and his wife would be alloted 50,00,000 warrants each, while Utpal Sheth will get 5,00,000 warrants.
Besides this, the company Board also approved issue of 1 crore warrants, worth Rs. 78 crore to its promoters Grevek Investments and Finance Pvt Ltd, the filing further said. Each warrant, issued at a price of Rs. 78, is convertible into one fully paid-up equity share of Rs. 10 each of the company, at any time within 18 months from the date of allotment, the filing said."The proceeds from the issue of warrants would be used towards furthering opportunities in Defence segment and for General Corporate purposes," it said.
At present, the promoter group, including SKIL Infrastructure and SKIL Shipyard Holdings, holds 45 per cent stake in Pipavav, or 29.83 crore shares, in the company, of which 99.6 per cent is being pledged with financial institutions. Foreign institutional investors hold 8.55 per cent stake in the company, while domestic institutions stake stands at 11.56 per cent.In June, SKIL Infrastructure --the promoter group of Pipavav-- had filed its draft red herring prospectus (DRHP) with market regulator Sebi for its initial public offer (IPO) through which it aims to raise Rs. 1,125 crore.
According to the DRHP, Rs. 800 crore would be used to pay its loan obligations from the IPO proceeds. As of December 31, 2010, the Nikhil Gandhi-run infrastructure firm has a total outstanding debt of Rs. 1,490 crore. The Pipavav Defence and Offshore Engineering Company Limited (PDOECL) has been recently in news, following an order of Indian Navy's to design and construct five naval offshore petrol vessels (NOPVs), amounting to Rs. 2,975 crore.
The company has also roped in foreign partners like US-based Northrop Grumann and UK-based Babcock Group to increase its presence in defence segment. In December, the company had signed a protocol with Russian government arm Rosoboron Export for defence co-operation with foreign governments.
The securities amount to 1,05,00,000 warrants, the company said in a filing to the Bombay Stock Exchange (BSE). It added that Rakesh Jhunjhunwala and his wife would be alloted 50,00,000 warrants each, while Utpal Sheth will get 5,00,000 warrants.
Besides this, the company Board also approved issue of 1 crore warrants, worth Rs. 78 crore to its promoters Grevek Investments and Finance Pvt Ltd, the filing further said. Each warrant, issued at a price of Rs. 78, is convertible into one fully paid-up equity share of Rs. 10 each of the company, at any time within 18 months from the date of allotment, the filing said."The proceeds from the issue of warrants would be used towards furthering opportunities in Defence segment and for General Corporate purposes," it said.
At present, the promoter group, including SKIL Infrastructure and SKIL Shipyard Holdings, holds 45 per cent stake in Pipavav, or 29.83 crore shares, in the company, of which 99.6 per cent is being pledged with financial institutions. Foreign institutional investors hold 8.55 per cent stake in the company, while domestic institutions stake stands at 11.56 per cent.In June, SKIL Infrastructure --the promoter group of Pipavav-- had filed its draft red herring prospectus (DRHP) with market regulator Sebi for its initial public offer (IPO) through which it aims to raise Rs. 1,125 crore.
According to the DRHP, Rs. 800 crore would be used to pay its loan obligations from the IPO proceeds. As of December 31, 2010, the Nikhil Gandhi-run infrastructure firm has a total outstanding debt of Rs. 1,490 crore. The Pipavav Defence and Offshore Engineering Company Limited (PDOECL) has been recently in news, following an order of Indian Navy's to design and construct five naval offshore petrol vessels (NOPVs), amounting to Rs. 2,975 crore.
The company has also roped in foreign partners like US-based Northrop Grumann and UK-based Babcock Group to increase its presence in defence segment. In December, the company had signed a protocol with Russian government arm Rosoboron Export for defence co-operation with foreign governments.
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