NEW DELHI: In the biggest deal in the defence sector, billionaire Anil Ambani-led Reliance Infrastructure announced acquisition of controlling stake in Pipavav Defence and Offshore Engineering for up to Rs 2,082.3 crore. Reliance Infra will buy 18 per cent stake from promoter group led by Nikhil Gandhi at Rs 63 per share, aggregating to Rs 819 crore.

It will make an open offer for an additional 26 per cent shares at Rs 66 apiece, totalling Rs 1,263.3 crore. In case the open offer fails, Reliance Infra will acquire additional shares from promoters to ensure its shareholding is not less than 25.10 per cent.

Promoters at present hold 44.50 per cent stake in Pipavav Defence, which is reportedly is looking at debt recast. The Anil Dhirubhai Ambani Group, which has announced foray into defence manufacturing, will buy 13 crore equity shares from promoters together with sole management control.

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