Pipavav Defence and Offshore Engineering Company allots 1,00,00,000 equity shares to Grevek

The Securities Allotment & Transfer Committee ("SAT Committee") of the Board of Directors of Pipavav Defence and Offshore Engineering Company Ltd at its meeting held on August 27, 2012 has allotted 1,00,00,000 fully paid-up equity shares of Rs. 10/- each to Grevek Investments and Finance Private Limited ('Grevek'), @ Rs. 78/- per equity share (including premium of Rs. 68/- per equity share) on conversion of convertible warrants ("Warrant"), on receipt of total consideration of Rs. 78 Crore payable against Warrants.

1,00,00,000 Warrants of face value of Rs. 78/- each were allotted for cash on December 12, 2011 by the Company to Grevek on payment of 25% consideration payable on application. These Warrants were convertible into equity shares of the Company on or before June 11, 2013.

Further, the Company has received balance 75% consideration of Rs. 58.50 per Warrant, payable on conversion of Warrants from Grevek. The Company also received conversion notice from Grevek exercising its option of conversion of the Warrants into equity shares of the Company.

The Pipavav Defence and Offshore Engineering Company Ltd stock was trading at Rs.62.65, up by Rs.0.85 or 1.38%. The stock hit an intraday high of Rs.63.45 and low of Rs.61.80.

The total traded quantity was 4.26 lakhs compared to 2 week average of 6.69 lakhs.

Source : Equity Bulls

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