Essar Shipping Ltd to issue NCDs, sell Essar Wildcast Rig

The Board of Directors of Essar Shipping Ltd at its meeting held on Saturday, 8th June, 2024 have considered and approved the issue up to 3,40,00,000 8.25% p.a. Non -Convertible Debentures (herein referred as "NCDs") of Face value of Rs. 100/- each, in one or more tranches, subject to the approval of shareholders and in accordance with the provisions of the Securities and Exchange Board of India and the Companies Act, 2013 and the rules made thereunder, as amended and other applicable laws to Abhinand Ventures Private Limited by conversion of Inter Corporate Deposits.

The board also approved sale of Essar Wildcat Rig by OGD Services Holdings Limited, Mauritius to Essar Shipping DMCC, Dubai and Assignment of other Debts in favor of Essar Shipping DMCC, Dubai subject to approval of shareholders and in accordance with the provisions of the Securities and Exchange Board of India and the Companies Act, 2013 and the rules made thereunder, as amended and other applicable laws.

Shares of Essar Shipping Limited was last trading in BSE at Rs. 31.36 as compared to the previous close of Rs. 30.06. The total number of shares traded during the day was 185983 in over 1273 trades.

The stock hit an intraday high of Rs. 31.60 and intraday low of 30.10. The net turnover during the day was Rs. 5797023.00.

Source : Equity Bulls

Keywords

EssarShipping INE122M01019 NCDs EssarWildcastRig