ABG Shipyard

ABG Shipyard, one amongst RBI’s “dirty dozen” had hit the 5% UC yesterday at Rs.13.07 and today too at Rs.13.72.

The stock is on the move on unconfirmed news reports that Liberty House, one of UK’s conglomerates, which had also bought Tata Steel’s UK speciality steel unit, is reportedly in talks with ABG for a buyout.

There is no insight into any details of this deal except that negotiations are on and we could hear more about this over the next 10-12 days.

RBI had asked banks to take ABG Shipyard to the National Company Law Tribunal for debt resolution and what we are now seeing is probably deals which got speeded up due to RBI intervention.

There is no official word on this from the company yet but the market is celebrating the resolutions already!