Punj Lloyd is likely to offload its 19.4 per cent stake in Pipavav Shipyard to co-promoter Skil Infrastructure through an inter se promoter transfer. The stake is valued at Rs 825 crore.

Currently, both the companies are holding discussions in this regard and the deal is likely to get through very soon.

Punj Lloyd has a lock-in period of three years from the date of commercial production or from the date of allotment. The date of allotment is September 2007 for the company and commercial production commenced in April 2009. This means, Punj Lloyd will not be able to sell the stake before April 2012. But there can be an inter se transfer between promoters.

Meanwhile, Los Angeles based Smallcap World Fund Inc has acquired 2.82 per cent stake in Pipavav Shipyard for Rs 120 crore.

The main promoters of Pipavav Shipyard, the Adani Group and Punj Llyod, along with another group company hold an aggregate 39.56 per cent stake in the company. The Adani Group holds 18.27 per cent stake through its group company Skill Infrastructure, while Punj Llyod's holds 19.43 per cent.