Date:07/09/11,
Private Equity, Individual Investor,
Domestic Deal Announced,
Billionaire investor Rakesh Jhunjhunwala invests INR 780 miilion investment in SKIL Infrastructure-owned Pipavav Defence & Offshore Engineering (formerly Pipavav Shipyard) through convertible warrants. Rakesh and Rekha Jhunjhunwala will pick up 5 million warrants each while Utpal Sheth, a partner at Rare Enterprises(the privately held firm of the ace investor) will also buy 5 lakh warrants worth
INR 39 million.
These warrants, subscribed at INR78 each, are convertible in 18 months.
Promoter group unit Grevek Investments and Finance is also subscribing to 10 million warrants at INR 78 per unit, amounting to an investment of another INR 780 million.
Pipavav Defence operates one of the largest shipyards in India and among the fifth largest in the world in terms of its size (400000 dwt). Pipavav is the only private shipyard in India to have license to produce
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