Bharati Shipyard has opened higher by 4% at Rs 71 after its board approved an Rs 2,854-crore corporate debt restructuring (CDR) programme as part of efforts to optimise costs.
“The board of directors of the company at their meeting held on December 26, 2011, noted and discussed the proposal for restructuring of term/working capital debt of Rs 2,854 crore out of a total debt of Rs 3,250 crore," the company said in a filing to the stock exchanges.
The company, which is in advanced stages of completion of its two Greenfield shipyards at Dabhol and Mangalore, said it has Rs 6,800 crore order books which would be executed by 2014.
This will enhance the production capacity, which will be used to execute large orders going forward, it added.
A combined 20,000 shares have changed hands on the counter in opening deals on both the exchanges.
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