Varun Shipping Company has soared 20% to Rs 19.40 in opening trades on the National Stock Exchange on reports that the company has recast its debt by raising dollar loans against ships.
“Varun Shipping has reorganized nearly Rs.2,000 crore of debt by transferring some of its ships to overseas subsidiaries which, in turn, used them as collateral to raise inexpensive dollar loans, and used the proceeds to repay costly Indian ones,” reports suggest.
The trading volumes on the counter surged more than three-time, with a combined 376,504 shares have changed hands in opening trades on the NSE and BSE.
