ABG Shipyard sailing smooth waters
By
Research Desk
about 9 years ago
ABG Shipyard is up and sailing today, up over 8% at Rs.55 though volumes remain muted at around 27k shares.
The stock is up on unconfirmed news that it is in talks with Vietnam based Masan group for a strategic stake sale which could bring in the much needed fund infusion. The news is that the company could get an equity infusion to the tune of Rs.600 crore.
It is said that the Vietnam group may make an offer which will include part conversion of debt into equity shares and some into cumulative redeemable preferential shares.
The company’s debt currently stands at Rs.11,000 crore. There is no official confirmation yet on this from either of the companies.