Srei Infrastructure Finance has sold 57.38 lakh shares in Pipavav Defence and Offshore Eng Ltd for Rs 51.34 crore via an open market transaction.

Srei, according to the bulk deals data available with NSE, has sold 0.78 percent stake or 57.38 lakh shares in Pipavav Defence and Offshore Eng.

The shares were sold at an average price of Rs 89.47.

Reliance Infrastructure said in a statement that “Upon completion of applicable formalities, Reliance Infrastructure will acquire sole management control of Pipavav Defence and the board of Pipavav will be reconstituted, together with the company being renamed Reliance Defence and Engineering Ltd.”

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