Essar Shipping, originally a part of Essar Shipping Ports and Logistics, now is to raise the fund to the tune of about INR 2,500 crore to meet its expansion plans. Sources say that Essar Shipping would raise USD 500 million or its equivalent in Indian currency through market instruments. According to the report, “The Company requires funds for expansion and to meet its capex plans and investments. To achieve a significant competitive advantage, the company may need to issue equity shares or GDR or any form of securities in international or domestic markets”. It is also said that the plan of raising the funds from the market is to reduce the promoter’s holding in the company from the existing 84%.Mr.AR Ramakrishnan, Managing Director, Essar Shipping, said: “We have to bring down the promoter holding in the company by next year as required by Sebi”. Already Essar Shipping is in the middle of USD 1.1 billion expansion plan that includes the delivery of six minicape vessels in addition to the orders with the ABG Shipyar for two jack-up rigs
Wednesday, 29 August 2012
Essar Shipping to raise about INR 2,500 crore for expansion
Essar Shipping, originally a part of Essar Shipping Ports and Logistics, now is to raise the fund to the tune of about INR 2,500 crore to meet its expansion plans. Sources say that Essar Shipping would raise USD 500 million or its equivalent in Indian currency through market instruments. According to the report, “The Company requires funds for expansion and to meet its capex plans and investments. To achieve a significant competitive advantage, the company may need to issue equity shares or GDR or any form of securities in international or domestic markets”. It is also said that the plan of raising the funds from the market is to reduce the promoter’s holding in the company from the existing 84%.Mr.AR Ramakrishnan, Managing Director, Essar Shipping, said: “We have to bring down the promoter holding in the company by next year as required by Sebi”. Already Essar Shipping is in the middle of USD 1.1 billion expansion plan that includes the delivery of six minicape vessels in addition to the orders with the ABG Shipyar for two jack-up rigs
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