ABG Inds to raise Rs 49cr

The board of directors of ABG Heavy Industries, which met today, approved a proposal to issue 15,00,000 shares of Rs 10 each at a premium of Rs 315 per share to PSA India Pte on preferential basis.

According to a release issued by the company to the BSE today, an EGM has been called on November 4 to clear the proposal.

The company is also planning to set up an offshore jack-up rig manufacturing facility at its proposed unit at Dahej, Gujarat.