Punj Lloyd to transfer its entire stake in Pipavav
Punj Lloyd Limited has entered into a Share Purchase Agreement with Mumbai-based SKIL Infrastructure Limited and SKIL Shipyard Holdings Private Limited. Accordingly, Punj Lloyd Limited has agreed to sell its entire shareholding in Pipavav Shipyard Ltd, aggregating to 129,360,538 Equity Shares in two tranches constituting 19.43% of the issued and paid up capital of the Company to SKIL Infrastructure Limited and SKIL Shipyard Holding Private Limited at a total cost of Rs656 crore.
Speaking on the development, Luv Chhabra, Director-Corporate Affairs, Punj Lloyd said, "We at Punj Lloyd are focusing on our existing businesses and continuously evaluating our portfolio in line with our shareholder interests and value. This decision is in line with our overall growth strategy".
Punj Lloyd Limited and SKIL Infrastructure Limited are the Promoters of Pipavav Shipyard Ltd and SKIL Shipyard Holdings Private Limited, a wholly owned subsidiary of SKIL Infrastructure Limited, is part of the Promoter Group of the Company.