ABG Shipyard Ltd allots 44454629 0.01% Compulsorily Convertible Preferential Shares

The Securities issue Committee of the Board of Directors of ABG Shipyard Ltd at its meeting held on December 31, 2014, has approved the allotment of 44454629 (Four Crore Forty Four Lac Fifty Four Thousand Six Hundred and Twenty Nine) 0.01 Compulsorily Convertible Preference Shares Rs. 10/- (Rupees Ten Only) each at Par value 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 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 44454629 (Four Crore Forty Four Lac Fifty Four Thousand Six Hundred and Twenty Nine) 0.01 Compulsorily Convertible Preference 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.230.6 as compared to the previous close of Rs. 227.95. The total number of shares traded during the day was 24464 in over 1159 trades.

The stock hit an intraday high of Rs. 233 and intraday low of 228. The net turnover during the day was Rs. 5629881.

Source : Equity Bulls

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