Talks Under Way To Bring Strategic Investor: ABG Shipyard

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New Delhi: Debt-ridden ABG Shipyard on Friday said the company along with the lenders is scouting for a strategic investor and the talks are on with “several parties” in this regard.

“We would like to clarify that the company along with the lenders is exploring the possibility of bringing in strategic investor and discussions are going on with several parties.

However, we have still not reached the stage of any agreement which would warrant us to disclose to the stock exchanges,” the company said in BSE filing.

The company was replying in response to the clarification sought by the BSE on a new item which said “promoters may have to give up control post failing to bring in investor. Lenders likely to invite public bids to acquire majority stake in the company. ABG owes Rs 11,000 crore to 22-bank consortium led by ICICI Bank.”

“However, we have still not reached the stage of any agreement which would warrant us to disclose to the stock exchanges. We are not aware of any other information which may have resulted in movement in the share price,” the company said.

ABG Shipyard had earlier said that it is at an advanced stage of negotiations with interested parties for a strategic investment into the company, which will see the management divesting its majority control.