ABG Shipyard authorises BoD to raise Rs 2,000 cr

New Delhi, Aug 18 (UNI) ABG Shipyard today said its board has been authorised to raise Rs 2,000 crore by borrowings and creating charge on the assets.

In a meeting, the members of the company passed a resolution ''to borrow money and to create security by creation of charge on the assets upto a limit of Rs 2,000 crore,'' a company statement said.

The company's board has also been authorised to issue, offer and allot equity shares, convertible bonds, and other convertible securities upto 58,89,175 equity shares, to Qualified Institutional Buyers.

A week ago, the company's shipyard at Surat was temporarily shut down due to heavy rains and floods.

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