ABG Shipyard Denies Sale to L&T
ABG Shipyard Ltd has clarified with reference to the news item appearing in the Media on March10, 2015 titled "L&T in race to buy ABG Shipyard stake".
The Bombay Stock Exchange had sought clarification from ABG Shipyard Ltd with respect to news published in ET Now that said either L&T is taking ABG Shipyard over or there is a strategic investment being made by L&T into the company.
In a notification to the stock exchanges, the company confirmed that no such negotiations were taking place and the company is not aware of any information that has to be announced to the Exchanges which could explain the aforesaid movement in the trading and that which is required to be disclosed to the stock exchanges as per Clause 36 of the Listing Agreement.
ET Now reported that bankers approached L&T with a proposal to pick up 30 per cent stake in the ABG Shipyard as a strategic investor.
Promoters of ABG Shipyard own 61.62 per cent stake in the company. A total of 95.54 per cent of their shares are encumbered.
Following the news and a sudden spike in ABG's shares, the Bombay Stock Exchange sought clarification from ABG Shipyard regarding the buzz. ABG is the largest private sector Shipbuilding Yard in India.
