Saab has sold its 3.3 per cent stake in Pipavav Defence & Offshore Engineering Co. Ltd. to Reliance Defence Systems, which had made a tender offer for outstanding shares in Pipavav.
Saab has sold its 3.3 per cent stake in Pipavav Defence & Offshore Engineering Co. Ltd. to Reliance Defence Systems, which had made a tender offer for outstanding shares in Pipavav.
Pipavav Defence is now part of Reliance Anil Dhirubhai Ambani Group.
“It is natural to act on the inquiry we got from Reliance Defence Systems to acquire our stake in Pipavav. We believe the cooperation between Saab and Pipavav now has the potential to get even better with the new owner,” Jan Widerström, Head of Saab India said in a statement.
The scrip opened at Rs. 81.7 and has touched a high and low of Rs. 86.4 and Rs. 81.7 respectively. So far 3738423(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5959.62 crore.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 114 on 28-Dec-2015 and a 52 week low of Rs. 46.6 on 23-Jan-2015. Last one week high and low of the scrip stood at Rs. 88 and Rs. 74.5 respectively.
The promoters holding in the company stood at 42.24 % while Institutions and Non-Institutions held 17.13 % and 40.63 % respectively.
The stock is currently trading below its 50 DMA.
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