Religare Finvest Sells 65 Lakh Shares of ABG for Rs 131 Crore

Mumbai: Non-banking finance company Religare Finvest Ltd has sold over 65 lakh shares of ABG Shipyard for Rs 131 crore.

According to bulk deal data available with the BSE, Religare Finvest has sold 65,66,654 shares (about 12 per cent stake) of ABG Shipyard at a price of Rs 199.04, translating the transaction at Rs 130.70 crore.

Strategic Credit Capital has bought these shares at the same price.

Religare Finvest has 49,30,872 shares or 9.16 per cent stake in ABG, as per the company's March quarter shareholding pattern.

ABG Shipyard's net loss had widened to Rs 901 crore last fiscal as against Rs 222 crore in 2013-14.

The company is the country's largest private sector shipbuilding yard.

Shares of ABG ended the day 1.80 per cent lower at Rs 193.15 on the BSE.