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Hot Pursuit News

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(14 Dec 2023, 14:41)

Essar Shipping edges higher after board approves Rs 320-cr NCD issue

Essar Shipping advanced 2.03% to Rs 27.15 after the company announced its board has approved the issue of 3,20,00,000 1% secured, redeemable, unlisted, and non-convertible debentures (NCDs) of face value Rs 100 each through private placement.

The said debentures would be issued by converting the company’s unsecured loan into the aforementioned NCDs.

The total value of the NCDs would aggregate to Rs 320 crore and their tenure is 3 years.

Essar Shipping is an integrated supply chain solution provider with investments in sea transportation and contract drilling services. It has a fleet of 12 vessels with a total capacity of 1.12 million DWT. These vessels are one double-hull VLCC, six mini-capesize vessels, one panamax bulk carrier and two supramax bulk carriers.

The company had reported a consolidated net loss of Rs 35.98 crore in the quarter ended September 2023 as against net loss of Rs 40.55 crore during the previous quarter ended September 2022. Sales declined 74.88% to Rs 4.23 crore in Q2 FY24 over Q2 FY23. ...

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