ABG Shipyard rallies over 6% on allotment of preference shares to 4 lenders

NEW DELHI: ABG Shipyard Ltd rallied as much as 6.2 per cent in trade on Wednesday, after the company said that it has allotted more than six crore compulsorily convertible preference shares (CCPS) to four lenders under its corporate debt restructuring plan.

The stock ended the day 3.16 per cent higher at Rs 191.15.

The 6.32 crore CCPS were allotted to Lakshmi Vilas Bank, Punjab National Bank, State Bank of India and Oriental Bank of Commerce.

"The Security Issue Committee of the Board of Directors of the company has, at its meeting held on June 30, 2015, allotted 6,32,41,684 nos of 0.01 per cent CCPS of Rs 10 each at par value to the CDR lenders as per CDR package on preferential basis," ABG Shipyard said in a filing to the BSE.