ABG Shipyard rose 8.96% to Rs 33.45 at 14:51 IST on BSE after ICICI Bank acquired 11.08% stake in the company upon conversion of compulsory convertible preference shares to equity.
ABG Shipyard made the announcement after trading hours yesterday, 4 October 2016.Meanwhile, the BSE Sensex was down 62.81 points, or 0.22%, to 28,271.74.
On BSE, so far 8.52 lakh shares were traded in the counter, compared with average daily volume of 97,474 shares in the past one quarter. The stock hit a high of Rs 34.75 and a low of Rs 30.50 so far during the day. The stock hit a 52-week high of Rs 142.80 on 6 October 2015. The stock hit a 52-week low of Rs 22.85 on 24 May 2016. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 9.25% compared with 0.69% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 9.57% as against Sensex's 4.30% rise.
The small-cap company has equity capital of Rs 54.03 crore. Face value per share is Rs 10.
ICICI Bank has acquired 1.10 crore equity shares of ABG Shipyard by exercising its option to convert compulsory convertible preference shares (CCPS) into equity. Accordingly, as at 30 September 2016, the total equity shareholding of ICICI Bank in ABG Shipyard stands at 11.08%.
ABG Shipyard reported net loss of Rs 1710.68 crore in Q4 March 2016 as against net loss of Rs 374.86 crore in Q4 March 2015. Net sales declined 90.50% to Rs 1.95 crore in Q4 March 2016 over Q4 March 2015.
ABG Shipyard is into shipbuilding and ship repair business.
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