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ABG may hold 51% in Western Shipyard
Mumbai, Sept. 13
ABG Shipyard, the Indian private shipyard company,
expects to hold more than 51 per cent stake in
Western India Shipyard Ltd after the conclusion of a
revival plan of the Goa-based shipyard, said Mr D. Datar,
Chief Financial Officer of ABG Shipyard, on Thursday. To
begin with, the company plans to infuse Rs 25 crore and
help the shipyard located on the west coast to raise Rs 120
crore in debt, he added. The proposal, subject to
approvals, includes options for restructuring of the share
capital of Western India and one-time settlement of debt.
Ruling out an open offer for the shareholders of Western
India Shipyard, Mr Datar said since the takeover follows
a court directive, there will be no open offer. Shares of
Western India Shipyard closed at Rs 18.90 with a five per
cent gain on the BSE while ABG closed at Rs 620.05 with
a gain of 3.48 per cent. - Our Bureau
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