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GE Shipping to raise Rs 100 crore via bond

GE Shipping to raise Rs 100 crore via bond
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First Published: Tue, Jan 04 2011. 01 21 PM IST
Updated: Tue, Jan 04 2011. 01 21 PM IST
Mumbai: Great Eastern Shipping Co expects to raise Rs 100 crore via issue of 12-year bonds later this week, a senior official said.
“We have a bond issue in the market which is being floated currently,” chief financial officer G. Shivakumar told Reuters on Tuesday.
The bonds are not carrying any greenshoe option and the allotment is expected by Friday, Shivakumar said.
He, however, declined to give coupon on the bonds.
The proceeds will be utilised for acquisition of vessels and for other corporate purposes, he added.
The company had in October lsat year said it had set aside $573 million to buy eight vessels with a total capacity of 1.31 million DWT by FY13.
GE Shipping at present has 32 vessels, including 27 tankers and 5 dry-bulk carriers.
Separately, the company said in a statement on Tuesday Greatship Global Offshore Services, a Singapore incorporated subsidiary of its unit Greatship (India) Ltd, has placed an order for one construction support vessel.
The order has been placed with Colombo Dockyard Ltd and the vessel is due for delivery in the second quarter of FY13.
At 1:33 p.m., GE Shipping shares were trading at Rs 349.9, up 1.74% in a choppy Mumbai market.
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First Published: Tue, Jan 04 2011. 01 21 PM IST