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Punj Lloyd builds on pre-IPO deals of Pipavav Shipyard

September 21, 2007

Punj LloydPunj Lloyd had informed the Bombay Stock Exchange (BSE) that it has now entered into a shareholders’ agreement with Pipavav Shipyard (PSL) and acquired 12.94 crore shares at Rs 27, aggregating to Rs 349.28 crore. It constitutes 28.8% of the present paid-up share capital of PSL and 25.6% of the diluted paid-up capital.

As per reports, New York Life, 2i Capital and Trikona Capital have infused $25 million each in PSL. The company has now roped in US-based Citadel and is in final talks with AIG for $25 million each, to take the total pre-IPO private equity investments to $125 million.

PSL is lining up Rs 800 crore initial public offering (IPO) in the next 2-3 months. PSL will sell around 10% stake in the IPO. Post IPO, its paid-capital is expected to be around Rs 500 crore. IDBI, IL&FS and Exim will hold around 12% each in PSL. It is expected that Punj Lloyd may be looking at significant value unlocking through PSL.

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