Bharti Shipyard jumps on sale of non-core asset

The company said, its lenders, under the CDR mechanism, have sold the wind mill business

Shares of Bharti Shipyard were locked in 5% upper circuit after the company said its lenders, under the Corporate Debt Restructuring mechanism, have sold the wind mill business.

In a clarification sought by the stock exchange amid a media report of sale of its wind mill business the company in a release said, as per the CDR norms, State Bank of India, the lead bank, at the instruction of CDR Banks, has decided to sell the Non-core Asset of Bharati Shipyard Limited, which has been charged to lenders and was in their possession, in order to reduce the liability of the Company.

Bids were invited and the successful bidder being M/s. Ghatge Patil Industries Limited has purchased the Wind Mill, the release said.

The stock opened at Rs 41.55 and touched a high of Rs 41.70 so far. Over 89,000 shares were traded on both the stock exchanges so far.