ABG Shipyard jumps12.5%; looking to sell 51% stake

The company 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, according to reports.

ABG Shipyard jumped 12.5% to Rs.51.15 on BSE. The company 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, according to reports. The deal is expected to be announced by March-end.

The scrip opened at Rs. 48 and has touched a high and low of Rs. 54.2 and Rs. 48 respectively. So far 716351(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 245.03 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 260 on 10-Mar-2015 and a 52 week low of Rs. 39.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 47.55 and Rs. 39.5 respectively.

The promoters holding in the company stood at 38.57 % while Institutions and Non-Institutions held 10.67 % and 50.76 % respectively.

The stock is currently trading above its 200 DMA.