ABG Shipyard to raise USD 100 mn for expansion work

Mumbai, Apr 17 (UNI) ABG Shipyard Ltd has planned to raise US Dollar 100 million, with a green shoe option of raising additional amount of US Dollar 15 million, via secured or unsecured bonds, global depository receipts (GDRs) and or American depository receipts (ADRs), to be decided in due course by the Board of Directors (BoD).

The said funds are proposed to be raised to meet the company's requirements for expansion of its activities, to finance additional working capital requirements and for general corporate purposes, a company release issued here today said.

The company has further allowed the Foreign Institutional Investors (FIIs) to increase investment limit in the company shares or other securities, whether convertible or not to 49 per cent of the paid up capital, the release added.

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