ICICI Bank has acquired an 11.08 per cent equity stake in ABG Shipyard Limited by exercising its option of converting compulsorily convertible preference shares into equity. The lenders now have a 49 per cent stake in the shipyard. After the shipyard failed to repay its dues and infuse capital into the company, the lenders appointed investment banker Rothschild and Company to find a buyer to sell their stake. Other lenders are SBI and Punjab National Bank with 7 per cent each and Andhra Bank, the Bank of Baroda, LIC and Syndicate Bank with a combined stake of 8 per cent in the company. ABG has an outstanding loan of Rs 164 billion.