ABG Shipyard shares soared as much as 13 per cent in morning deals after reports that ICICI Bank has acquired 11.08 per cent stake in the company on conversion of compulsorily convertible preference shares (CCPS) to equity. At 12.01 pm, shares of ABG Shipyard were trading 8.14 per cent up at Rs 33.20. The scrip opened the day at Rs 30.60 and has touched a high and low of Rs 34.75 and Rs 30.50, respectively, in trade so far. Later, the scrip closed 9.28 per cent up at Rs 33.55.
ICICI Bank has acquired 1,10,46,424 equity shares of ABG Shipyard by exercising its option to convert CCPS into equity. Shares of ICICI Bank were trading 0.68 per cent down at Rs 256.45 at the same time.
In the past one year, shares of ABG Shipyard have slipped 78.28 per cent to Rs 30.70 till October 4, whereas BSE Sensex jumped 5.78 per cent during the same period. During the period, the scrip hit its 52-week high of Rs 142.80 on October 6, 2015 and 52-week low of Rs 22.85 on May 24, 2016.
For the year ended March 31, 2016, the company reported a net loss of Rs 1710.68 crore against net loss of Rs 374.86 crore last year.
ABG Shipyard Limited is an Ahmedabad-based shipbuilding company.