ABG Shipyard surges 18% on stake sale reports
The cash-strapped shipbuilder will likely close the deal for a 51 per cent stake sale by the end of this financial year, its managing director and CEO said.
By ET Online |
NEW DELHI: Shares of ABG Shipyard closed with gains of 18.30 per cent in Thursday's trade after the CEO said the company might finalise stake sale deal by March-end.
The cash-strapped shipbuilder will likely close the deal for a 51 per cent stake sale by the end of this financial year, its managing director and CEO said.
Reacting to the development, the scrip gained 19.51 per cent to hit a high of Rs 54.20 on the BSE.
Syed Abdi, CEO, ABG Shipyard, said the company had narrowed it down to one player for the stake sale and was looking to raise about Rs 500 crore for its working capital requirements.
The cash-strapped shipbuilder will likely close the deal for a 51 per cent stake sale by the end of this financial year, its managing director and CEO said.
Reacting to the development, the scrip gained 19.51 per cent to hit a high of Rs 54.20 on the BSE.
Syed Abdi, CEO, ABG Shipyard, said the company had narrowed it down to one player for the stake sale and was looking to raise about Rs 500 crore for its working capital requirements.
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