Pipavav Defence & Offshore Engineering Company witnessed a sharp rise in share price on Tuesday after the Reliance Infrastructure announced all requisite approvals including the approval of the Competition Commission of India (CCI) and the Gujarat Maritime Board (GMB) have been received for the acquisition together with management control of Pipavav Defence and Offshore Engineering Company (Pipavav Defence).

Reliance Infrastructure, together with its wholly owned subsidiary Reliance Defence Systems is accordingly proceeding to complete the acquisition of Pipavav Defence.

The mandatory open offer to acquire up to 26% shares from the public shareholders of the company, at a price of Rs. 66 a share, in terms of applicable SEBI takeover regulations shall open on Dec. 02, 2015 and shall close on Dec.15, 2015.

Shares of Pipavav Defence and Offshore Engineering Company are trading at Rs 63.15, up Rs 3.25, or 5.43% at the Bombay Stock Exchange (BSE) on Tuesday at 11:35 a.m.

Total volume of shares traded on the bourses today was higher by 1,013.54% to 3,289,197 compared with 22-day average volume of 295,383.