ABG Shipyard pledges 97.31 percent of Western India Shipyard

by khalid on 08/10/2011 · 0 comments

ABG Shipyard is the promoter of Western India Shipyard Limited (WISL) holding about 60.15 percent shares in the company. WISL announced that its promoter has pledged about 97.31 percent of its Holding. In the SEBI filling the company said that about 17.24 Crore shares of the company have been pledged by ABG Shipyard which is 58.53 percent of its total outstanding shares .In this 15 Cr shares were pledged on 29th September 2011. The deal brings to an amount of Rs 119.70 Cr as per Western India today’s closing price of Rs 7.98 per share in the BSE.

As per the BSE data the promoter ABG Shipyard holds 60.15 per cent shares where as domestic institutional investors constitute about 10.92 per cent shares as on 30th June 2011. Last Year in October ABG Shipyard acquired 40 percent shares of Western India Shipyard Limited from its lenders to restructure its debt. In 2007 ICICI Bank had a deal with ABG Shipyard to provide financial assistance and technical support to Western India.

For the quarter ending June 30 the company had posted a net profit of rupees 4.56 Cr where as net sales were rupees 38.10 Cr.  In the last fiscal the company posted a net profit of rupees 15.34 Cr with a turnover of about 111 Crore. The stock in today’s trading closed at rupees 7.85 up by 4.39 percent from its previous close in the Bombay Stock Exchange (BSE).

“Bell the Bull says: Recently CRISIL has graded valuation of 3 out of 5 to ABG Shipyard.”

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