Religare Finvest acquires 24.49 per cent stake in ABG Shipyard

Religare Finvest Limited, a subsidiary of Religare Enterprises Limited, has acquired a 24.49 per cent stake (1.32 million pledged shares) in ABG Shipyard Limited. Since March 2014, ABG Shipyard has been in the midst of a corporate debt restructuring programme under which lenders agreed to recast loans of Rs 110 billion, offered the firm a two-year hold on interest payment, reduced borrowing cost and extended the repayment period.

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