MUMBAI (Reuters) - 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).
Reliance Infrastructure subsidiary Reliance Defence Systems Private will acquire 130 million shares in Pipavav Defence at 63 rupees a share, the company said in a statement.
The deal represents a 17.6 percent discount to Pipavav Defence’s closing price on Wednesday.
($1 = 62.2550 rupees)
Reporting by Aman Shah in Mumbai; Editing by David Goodman