Bharati Shipyard plans to acquire majority stake in Tebma
MUMBAI (Reuters) - Private sector shipbuilder Bharati Shipyard plans to acquire majority stake in south India-based Tebma Shipyards for 757.5 million rupees, it said in a statement late on Monday.
Bharati is infusing fresh equity capital into Tebma Shipyards at a price of 19.20 rupees per share and proposes to expand the post-issue equity capital base of Tebma to 773.6 million rupees, the statement said.
The current equity capital of Tebma stands at 77.8 million rupees.
"This significant acquisition of Tebma Shipyards, is of strategic importance to us, as we get access to their ready-made and modern shipyards in Karnataka, Kerala and Tamil Nadu," P.C. Kapoor, managing director, said.
"The Bharati-Tebma entity , with a total of 9 shipyards, will now be in a formidable position to offer cost effective solutions to their global and domestic customers," he added.
Tebma Shipyards has a current orderbook of approximately 7.5 billion rupees, the statement added. In October Bharati had said its orderbook was around 50 billion rupees.
At 9.31 a.m., shares of the firm were up 7.49 percent at 246.2 rupees in a weak mumbai market.
(Reporting by Nandita Bose; Editing by Sunil Nair )
- Tweet this
- Share this
- Digg this
- Govt considers ban on e-cigarettes, sale of single smokes
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- Sensex surges 500 points on BOJ easing, L&T gains
- PRECIOUS-Gold, silver tumble to four-year lows as dollar rallies
- Japan's central bank shocks markets with more easing as inflation slows
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article