GE Shipping looks to raise up to Rs 400 crore via NCDs

NEW DELHI: Great Eastern Shipping Company (GESC) has plans to raise up to Rs 400 crore through issuance of non-convertible debentures by way of private placement.

"A meeting of the Debenture Issue Committee is scheduled to be held on November 7, 2016, to consider the issue of Unsecured Non-Convertible Debentures (NCDs) up to an amount not exceeding Rs 400 crore by way of private placement," Great Eastern Shipping Company said in a filing to BSE.

GESC, the country's leading private shipping player, has two main businesses -- shipping and offshore.

The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services the oil companies in carrying out offshore exploration and production activities through its subsidiary, Greatship (India) Ltd.