LIC turns bullish on Pipavav, ups stake

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LIC turns bullish on Pipavav, ups stake
Insurance major, Life Insurance Corporation has increased its stake in Pipavav Defence and Offshore Engineering Company significantly to 5.63% after a further acquisition of shares in the company aggregating Rs 171 crore through open market purchases.

LIC has bought 2.15 crore shares of Pipavav at Rs 79.50 a share, thus aggregating Rs 171.21 crore.

With the acquisition, LIC now owns 5.63 crore shares in shipbuilder Pipavav. The Pipavav shares were trading at Rs 83.00 on the National Stock Exchange, up 4.34% over its previous close at 10:45 am IST.

PSL is the largest shipyard in India. It has one of the largest drydock in the world. Two Goliath cranes of 600 T capacity each, which service the drydock and the adjoining pre-erection berth, enables PSL to handle up to 1200 T pre-outfitted ship blocks.

A host of other technologically advanced infrastructure and use of modern shipbuilding processes, including modular construction and line heating technique, make PSL one of the most modern shipyards in the world.

Read more about: lic, pipavav
Story first published: Thursday, May 3, 2012, 10:48 [IST]
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