MUMBAI, November 22 (Newsbank): SKIL Infrastructure Ltd has denied
rumours that it has sold its shares held in Pipavav Defence and Offshore
Engineering.
“Pipavav shares held by SKIL group are completely intact and not even a
single share has been sold as rumored by some interested parties with vested
interest to hammer down the prices in the last four working days,” said a SKIL
spokesperson pointing out that “Until then, Pipavav shares have been one of the
most stable mid-cap shares.”
SKIL Infrastructure Ltd. raised
medium term and long term loans to acquire stake in Pipavav Defece of one of
its shareholders M/s Punj Lloyd and from others in the open offer.
The said loans are a specific tenure
loans for project financing and increasing the SKIL Infrastructure’s stake in
Pipavav. Long term loans has 10 year tenure and medium term loans falls due
between 2012 to 2014. We have the mechanism in place to repay the loans on
time.
SKIL has offered adequate collateral
security including shares it owns in Pipavav as NDU (non-disposable
undertaking) and primary collateral.
None of the Pipavav shares held by
SKIL group are on the margin funding.
“We would like to state categorically
that Pipavav is India’s first world class and global scale infrastructure
company engaged in building ships and other critical maritime assets for the
export market, offshore industry and defence forces among others,” the spokesperson
said.
Pipavav is making a good progress
with a robust order book and the company’s intrinsic value is extremely strong.
Its quarterly result announced on 18th November 2011 was encouraging
on a growth trajectory, he added.
Pipavav Defence is an underleveraged
company from both; financial institutions appraisal of the project debt-equity
ratio and compared to other peer groups in the market, being extremely
conservative.
SKIL group is committed to pay back
its loans to its lenders as per the mutual agreement as it has done in the past
20 years.
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