ABG Shipyard rallies on promoter stake sale plan report
The stock rallied 9% to Rs 220 on NSE in early morning trade.
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ABG Shipyard has rallied 9% to Rs 220 on the National Stock Exchange (NSE) in early morning trade on reports that the promoters of a private shipbuilding company is in discussions with domestic and foreign companies to sell a strategic stake in their flagship listed entity.
According to multiple investment banking sources involved, Mahindra Group, Adani and a few foreign players, include some from Singapore, have been approached, an Economic Times report suggests. Click here to read the report
The promoters -- ABG International, Rishi Agarwal and Kamlesh Kumar Agarwal - together own around 62% of the company with ABG International owning the lion's share of 61%, the shareholding pattern data shows.
The stock opened at Rs 227 and touched a high of Rs 232 so far. Till 0917 hours a combined 585,000 shares changed hands on NSE and BSE.
According to multiple investment banking sources involved, Mahindra Group, Adani and a few foreign players, include some from Singapore, have been approached, an Economic Times report suggests. Click here to read the report
The promoters -- ABG International, Rishi Agarwal and Kamlesh Kumar Agarwal - together own around 62% of the company with ABG International owning the lion's share of 61%, the shareholding pattern data shows.
The stock opened at Rs 227 and touched a high of Rs 232 so far. Till 0917 hours a combined 585,000 shares changed hands on NSE and BSE.
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First Published: Feb 25 2015 | 9:23 AM IST