Reuters
Mumbai: Engineering and construction firm Punj Lloyd Ltd raised close to $200 million through a share placement at Rs275 a share, a senior company official said on Wednesday, 15 August.
The price is at a slight premium to the company’s shares, which closed 0.44% lower at Rs269.95 on the Mumbai stock exchange on Tuesday. Indian markets were closed on Wednesday for the Independence Day holiday.
Proceeds from the placement would be used to fund the acquisition of a 25.1% stake in Pipapav Shipyard Ltd, investment in a real estate venture, for working capital requirements and capital expenditure, finance director Ravi Keswani told Reuters.
The placement reduces the stake of the Punj family, which held a 53.4% stake prior to the share sale, to about 48-49%, Keswani said.