 "ABG Shipyard allots equity to lenders at Rs 275.92/share")
Debt-laden ABG Shipyard, the country's largest private shipbuilding company today said that the security issue committee of the Board of Directors of the company have allotted 124,400 fully paid-up shares of Rs 10 each at a price of Rs 275.92 to the corporate debt restructuring (CDR) lenders as per CDR Package on preferential basis.
In July, the company had alloted 2,803 shares to CDR lenders at Rs 275.92 a share, of face value of Rs 10 each.
ABG Shipyard has been battling a heavy debt load as it aims to exit CDR involving Rs 7,200 crore by the end of the current financial year.
The company is also in talks with Privinvest Holding, a major player in global naval, commercial vessels and the super yacht industry, for a strategic stake sale.
The shipbuilding industry, globally as well as domestically, has been facing a tough business environment. Domestic private shipbuilders, who mainly focus on commercial shipbuiding, are now looking at defence as the next best business move.
Today, shares of debt-laden ABG Shipyard ended at Rs 142.90, down 2.16 percent on the BSE.