Reliance Naval hits 5% UC

Reliance Naval, which had closed yesterday at Rs.2.07, opened higher at Rs.2.15 and immediately hit the 5% UC of the day at Rs.2.17.

There is unconfirmed news that Russia’s state-owned – United Shipbuilding Corporation is  very much interested in buying Reliance Naval, putting to rest rumours earlier that it had bowed out of the bid.

The Russian company yesterday clarified that it has never indicated its refusal to participate in the tender.

Chowgule and APM Terminals are also stated to be interested. Mazagon Dock is also keen to gain access to Pipavav Shipyard, Reliance Naval’s primary asset, though it is not participating in the IBC process. 

The company is under the IBC to recover debts to the tune of Rs.10,000 crore.