Last 28.55 INR
Change Today -0.65 / -2.23%
Volume 14.1K
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Natl India
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bharati shipyard ltd (BHSL) Snapshot

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09/17/14 - 47.00
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02/25/14 - 22.80
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bharati shipyard ltd (BHSL) Details

Bharati Shipyard Limited engages in the shipbuilding business in India. The company designs and constructs offshore supply vessels, such as tons bollard pull anchor handling tug cum supply, offshore supply/wireline support, platform support, and diving support vessels; tractor/stern tugs; and jack up rigs, as well as operates dry dock facilities. It also provides ship repair services. Bharati Shipyard Limited was founded in 1973 and is based in Mumbai, India.

Founded in 1973

bharati shipyard ltd (BHSL) Top Compensated Officers

Chairman and Managing Director
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Chairman, Managing Director and Member of Aud...
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Compensation as of Fiscal Year 2014.

bharati shipyard ltd (BHSL) Key Developments

Bharati Shipyard Seeks To Raise $100 Million

Edelweiss Asset Reconstruction Company Limited is looking to raise up to $100 million for Bharati Shipyard Limited (BSE:532609) from foreign investors by April in an effort to infuse liquidity into the cash-strapped shipbuilder, Managing Director Vijay Kumar said. 60% of the INR 70 billion worth of outstanding loans from State Bank of India-led consortium of bankers representing Kumar's company in June. It is driving the restructuring process to keep the once-profitable Bharati afloat. However, eleven banks still hold INR 28 billion debt. "These funds could be sourced either from a financial investor or from a strategic investor who comes in along with the required funding. The funds could come in the form of debt or a combination of debt-cum-equity," said Kumar. "Once $100 million is pumped in, all the six shipyards will go full pelt -- that's the plan." Kumar's Bharati Shipyard is putting itself together, piece by piece, after getting an initial infusion of INR 350 million, which has helped Bharati partially resume three of its six shipyards. The ARC is expected to put in up to INR 1 billion more next month. All these funds put together will help Bharati Shipyard to complete 64 pending orders and free up to INR 22 billion in cash. Kumar said the investor could also be a stressed asset fund bank or manager. The company may, however, have to pay 3-4% of higher interest on foreign funds. Bharati is glad about Edelweiss' support to the company. "We had earlier been a bit worried and when Edelweiss ARC took over there was a mixed feeling - optimism as also apprehension," said Kumar. "But I must say that Edelweiss ARC had done their homework and undertaken a proper due diligence. Edelweiss ARC believed that BSL can be turned around."

Bharati Shipyard Limited Appoints M.V. Damania & Co. as Statutory Auditor

Bharati Shipyard Limited announced that it has approved the appointment of M.V. Damania & Co. as Statutory Auditor of the company to hold office till the conclusion of next annual general meeting, at its AGM held on September 30, 2014.

Bharati Shipyard Limited, Annual General Meeting, Sep 30, 2014

Bharati Shipyard Limited, Annual General Meeting, Sep 30, 2014.


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