ABG Shipyard Ltd allots fully paid up equity shares under CDR package

The Securities Issue Committee of the Board of Directors of ABG Shipyard Ltd has, at its meeting held on October 01, 2014, approved the allotment of 13,16,564 (Thirteen Lakhs Sixteen Thousand Five Hundred Sixty Four) fully paid-up Equity Shares of Rs.10/- (Rupees Ten Only) each at a price of Rs.275.92 to the CDR Lenders as per CDR Package on preferential basis under Chapter VII - "Preferential Issue - of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("ICDR Regulations") in terms of the approval granted by the shareholders of the Company by way of postal ballot, the results of which have been declared on September 27, 2014 and further in accordance with the scheme of Corporate Debt Restructuring ("CDR Package") by and between the Company and the lenders of the Company ("CDR Lenders"), which has been approved by the Corporate Debt Restructuring Empowered Group ("CDR EG") at its meeting held on March 24, 2014, and communicated to the Company by the Corporate Debt Restructuring Cell ("CDR Cell") vide letter of approval dated March 27, 2014 bearing reference number BY. CDR (PMJ) NO.1193/2013 -14, and subject to the terms of the Master Restructuring Agreement dated March 28, 2014 (the "MRA") executed by and between the Company and the CDR Lenders.

The said of 13,16,564 (Thirteen Lakh Sixteen Thousand Five Hundred Sixty Four) Equity Shares Rs.10/- (Rupees Ten Only) each shall be fully paid-up at the time of allotment and shall be subject to lock-in for such period that may be prescribed under the SEBI ICDR Regulations.

Shares of ABG SHIPYARD LTD. was last trading in BSE at Rs.222.85 as compared to the previous close of Rs. 223.9. The total number of shares traded during the day was 50097 in over 1939 trades.

The stock hit an intraday high of Rs. 235.9 and intraday low of 222. The net turnover during the day was Rs. 11365357.

Source : Equity Bulls

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