PE firms selling out of Pipavav Shipyard Ltd

Indian shipbuilder Pipavav Shipyard Ltd said today that some of the private equity firms, which combined account for 100 million shares in the company, are selling out after a lock-in period to hold shares ended. New York Life Insurance, Trikona Capital, Indus Capital, Standard Chartered Private Equity and Citadel all hold shares in Pipavav, but Nikhil Gandhi, the chairman of the company, did not know who was selling out. The details are expected to be available on Monday.

(Reuters) – Some private equity firms are selling their stake in Indian shipbuilder Pipavav Shipyard Ltd after a lock-in period to hold shares ended, its top official told Reuters on Friday.

New York Life Insurance, Trikona Capital, Indus Capital, Standard Chartered Private Equity and Citadel are among companies hold 100 million shares among them, Nikhil Gandhi, chairman of Pipavav, told Reuters.

He said was not aware of who is selling, with the details expected to be available on Monday, he said.

Its shares fell nearly 11 percentto 84.25 rupees in a firm Mumbai market.

(Reporting by Rajesh Kurup, Aniruddha Basu and Sowmya Kamath; Editing by Ramya Venugopal)