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SAAB AB of Sweden has invested Rs 202 crore in Pipavav Defence and Offshore, the company said in a stock exchange filing.
Pipavav has issued 2.45 crore shares to SAAB at Rs 82 per share which is at a premium of 7.75 per cent to the average six month’s weekly closing price of Pipavav’s stock price. With this share issue, SAAB will get 3.5 per cent shareholding in the Indian company with an option to increase it further at a later stage. The share price of Pipavav closed at Rs 82.35, up by 0.12 per cent at the Bombay Stock Exchange on Friday.
SAAB is a global leader in military hardware and will bring in advanced proprietary technology in India through the company, which will immensely benefit India’s armed forces, Pipavav said. The two will also look at exporting military hardware. Pipavav said, “This is the first strategic investment made by a global defence major into an Indian company focusing on defence production.”
Pipavav already has a joint venture with Mazagon Dock in Mumbai to execute their Naval warships production orders worth Rs 60,000 crore.