R-Infra acquires 17% more in Pipavav Defence

• Anil Ambani-led Reliance Infrastructure (R-Infra) has acquired an additional 17 per cent stake in Pipavav Defence and Offshore Engineering Co Ltd (PDOC)for an estimated Rs 850 crore through an open offer, taking its total holding to nearly 35 per cent and acquiring sole management control of the company.
• Major institutional investors have not opted to tender their shares for the open offer of PDOC and have decided to stay invested in the company as R-Infra, on 16 Dec 2015 announced the closing of the open offer period for the acquisition of PDOC, acquiring just 17 per cent of the shares against the offer to acquire 26 per cent.