GE Shipping gains after approval to raise funds via NCDs

Great Eastern Shipping Company (GE Shipping) rose 1.69% to Rs 231.35 after the company's debenture issue committee approved raising Rs 150 crore through issue of non-convertible debentures (NCDs).

The debenture issue committee at its meeting held on 26 October 2020 approved the issue of 1500 secured non-convertible debentures of Rs 10 lakh each aggregating to Rs 150 crore by way of private placement. The NCDs hold a tenure of 8 years and offer a coupon rate of 8.05% per annum paid annually.

Credit Analysis & Research and Brickwork Ratings India have assigned "CARE AA+" (Outlook: Stable) rating and "BWRAAA" (Outlook: Stable) rating respectively to the proposed NCDs issue. The announcement was made after market hours yesterday, 26 October 2020.

 

On a consolidated basis, GE Shipping reported a net profit of Rs 467.74 crore in Q1 June 2020 compared with a net loss of Rs 53.96 crore in Q1 June 2019. Net sales rose 36.5% to Rs 1,068.37 crore in Q1 June 2020 over Q1 June 2019.

GE Shipping is India's largest private sector shipping service provider. The shipping business operates under two main businesses: dry bulk carriers and tankers.

Powered by Capital Market - Live News