Varun Shipping to raise Rs 10,000cr

Varun Shipping today said it would raise Rs 10,000 crore through issue of shares and mortgage of assets for acquisition and other corporate purposes.

The company would borrow up to Rs 5,000 crore through the issue of securities in domestic and international markets, Varun Shipping said in a filing to the Bombay Stock Exchange.

Further, the company said its shareholders have approved raising
Rs 5,000 crore through mortgages, hypothecation or other securities.

The company proposes to acquire ships, vessels or other works connected or associated with the oil, gas and minerals industry and carry out cable laying, sea-bed mining operations in India or any other part of the world.

Varun Shipping intends to invest in offshore and onshore oil projects, gas and minerals exploration and would undertake developing oil and gas wells, hydrocarbon fields and related services in India and in any other part of the world.

Meanwhile, the company has also declared final dividend of Rs 1.50 per share. It had already paid two interim dividends of Rs 1.50 each per equity share. As such, the total equity dividend stands at Rs 4.50 per share.