ABG International buys stake in ABG Shipyard

ABG International raised its holding ABG Shipyard by picking up additional 2.45 per cent stake for Rs 50 crore

ABG International today raised its holding in the country's largest private shipbuilder ABG Shipyard by picking up additional 2.45 per cent stake for Rs 50 crore.

As per information available with the stock exchanges, ABG International bought 12.50 lakh shares (amounting to 2.45 per cent stake) in ABG Shipyard through open market transaction.

The shares were purchased on an average price of Rs 397.74 apiece valuing the deal size at Rs 49.71 crore.

As of December quarter, ABG International held 3.12 crore shares or 61.29 per cent stake in ABG Shipyard.

Meanwhile, Mentor Capital Ltd, which held 10.45 lakh shares or 2.05 per cent stake in ABG Shipyard, offloaded 12.48 lakh shares of the company for Rs 49.66 crore.

Shares of ABG Shipyard fell by one per cent to close at Rs 365.95 apiece on the BSE.