March 4, 2015 / 2:32 PM / 4 years ago

Reliance Infra to take control of Pipavav Defence in $130 mln deal

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

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