Reliance Infrastructure Ltd (RLIN.BO)
3 Sep 2015
** India's Pipavav Defence and Offshore Engineering Co gains 3.2 pct and Reliance Infrastructure rises 1.8 pct
** Power distribution and construction company Reliance Infrastructure Ltd falls 4.1 pct
** Power distribution and construction company Reliance Infrastructure Ltd falls as much as 1.5 pct to over 5-week low
** Shares in India's Pipavav Defence and Offshore Engineering slump 10 percent ** Reliance Infrastructure has agreed to buy the company at 63 rupees a share, a 17.6 pct discount to its close on Wednesday ** Pipavav shares surged 90.1 pct so far this year till Wednesday ** However, shares in Reliance Infrastructure gain 2.5 pct ** This acquisition certainly gives Reliance a leg-up in the naval business given significant ordering expected for submarines and warships - Edelweiss Se
MUMBAI, March 4 - India's Reliance Infrastructure has agreed to take over management control of Pipavav Defence and Offshore Engineering Co by acquiring a stake of about 18 percent for 8.19 billion rupees ($131.6 million).