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Not sold any shares in Pipavav Defence: SKIL

Not sold any shares in Pipavav Defence: SKIL
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First Published: Mon, Nov 21 2011. 05 33 PM IST

Updated: Mon, Nov 21 2011. 05 33 PM IST
Mumbai: SKIL Infrastructure, which controls shipbuilder Pipavav Defence and Offshore Engineering, said on Monday it has not sold any shares in the shipbuilder and neither any shares held by it on margin funding.
SKIL’s statement comes after shares in Pipavav Defence slumped 20% on Friday.
“Pipavav shares held by SKIL group are completely intact and not even a single share has been sold as rumoured by some interested parties with vested interest to hammer down the prices in the last four working days,” SKIL said in a statement.
SKIL Infra holds more than 41% in Pipavav as of end September, stock exchange data showed.
The company had raised medium and long term loans to buy engineering company Punj Lloyd’s stake in Pipavav and had offered the shares it owns in Pipavav as collateral.
SKIL said the long term loans has a 10 year tenure and medium term loans are due between 2012 to 2014.
SKIL acquired about 20% of Pipavav from construction firm Punj Lloyd in 2010.
“We have the mechanism in place to repay the loans on time,” SKIL added.
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First Published: Mon, Nov 21 2011. 05 33 PM IST