RInfra will first invest Rs 819 cr to pick up 17.66% stake in the company at a price of Rs 63 from the promoters
The Anil Ambani group has pipped a number of suitors including the Munjals of the Hero group and M&M to buy the company.
Post transaction, the Gandhi family will own 24.6% stake in the company. The promoters own 44.5% stake in the company.
Pipavav Defence stock closed at Rs 76.50 on Wednesday.
With the acquisition, Reliance Infrastructure joins a growing list of Indian companies which are getting into the defence sector with the Modi Government planning to give more orders to the Indian companies under the Make-in-India policy. The Modi government has also allowed 49% foreign direct investment in defence companies.
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