ABG Shipyard decides to divest Western India Shipyard

ABG Shipyard - has decided to sell off its subsidiary Western India Shipyard, it said in a filing with stock exchanges on Thursday.

“The company’s board has agreed to invite suitable bid from the prospective investor and negotiate the deal including best price,” it said.  

The company currently  holds 60.26% stake in Western India Shipyard. 

Recently, ICICI Bank has acquired 11% in ABG Shipyard by converting its debt into equity.

Shares of ABG Shipyard closed at Rs 33.15 per share on BSE Sensex, up by 1.19%.