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The board of ABG Shipyard has approved the allotment of 3.58 crore 0.01 per cent compulsorily convertible preference shares of ₹10 each at par to the CDR lenders on preferential basis. The compulsorily convertible preference shares shall be converted into equity shares in four tranches between June 26, 2015 and March 26, 2016. Last year, shareholders of ABG Shipyard had approved a resolution allowing the company to allot equity shares on conversion of preference shares to the lenders. Under the master restructuring agreement, the company had proposed to restructure a debt of ₹1,556 crore through issue of compulsorily convertible preference shares to lenders. The stock of ABG Shipyard slipped 1.1 per cent at ₹203 on the NSE.
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