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SKIL,Neelanchal buy 91L Pipavav stock

SKIL Infrastructure purchased 50 lakh shares,while Neelanchal Mercentalie bought 41 lakh shares.

Written by Agencies | Mumbai | Published: July 27, 2012 10:56 pm

SKIL Infrastructure,a promoter of Pipavav Defence and Offshore Engineering Company,and another entity Neelanchal Mercentalie today acquired a total of 91 lakh shares of the private shipbuilder for Rs 52 crore through open market transactions.

According to bulk data available with the stock exchanges,SKIL Infrastructure purchased 50 lakh shares,while Neelanchal Mercentalie bought 41 lakh shares.

The shares were bought at an average price of Rs 57 apiece valuing the deal to Rs 52 crore,it added.

Meanwhile,private equity firm Smallcap World Fund Inc,which is also a shareholder of Pipavav Defense,offloaded 67,68,661 shares at Rs 57.39 apiece translating the deal to Rs 39 crore.

At the end of the June quarter,SKIL Infrastructure held 37.22 per cent stake in Pipavav Defense,while Smallcap World Fund held 4.89 per cent ownership in the company.

In a separate bulk deal,global fund management and research company Fidelity Investments bought 31,92,294 share in realty player Housing Development and Infrastructure (HDIL) for Rs 75.32 apiece. This takes the deal size to Rs 24 crore.

Shares of Pipavav Defense fell by over 10 per cent to close at Rs 55.60 on the BSE,while HDIL rose by 3.29 per cent to settle at Rs 75.35.

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