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Shares of Bharati Shipyard advanced by over 7 per cent in morning trade on the bourses today after the company’s board approved an Rs 2,854-crore corporate debt restructuring programme as part of efforts to optimise costs.
The company’s shares opened on an optimistic note and the scrip jumped to an early high of Rs 73.70, up 7.66 per cent from its previous closing price on BSE as trade progressed.
In a similar fashion, the stock surged by 7.75 per cent to an early high of Rs 73.65 on NSE.
“The debt restructuring will help us to optimise costs and resources in the time to come,” company Managing Director, Mr P.C. Kapoor, said in a regulatory filing to BSE.
Bharati Shipyard’s total debt currently stands at Rs 3,250 crore.
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