Pipavav open offer concludes, shares up 16 percent

Mumbai, Dec 16 (IANS) Reliance Infrastructure on Wednesday announced the closure of its open offer for the acquisition of Pipavav Defence and Offshore Engineering, whose shares flared up by around 16 percent in the stock markets.

A company statement said it will now take over sole management control of acquired entity, reconstitute its board and rename it Reliance Defence and Engineering. The Reliance Group, led by industrialist Anil Ambani, hoped to conclude the acceptance of offer by December 31.

The acquisition has a major impact on the shares of Pipavav, which moved by Rs.10.45 per or 15.94 percent to close the day at Rs.76. The open offer is for up to 191.4 million shares at around Rs.66 a piece.

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