BS reported that Indian shipbuilding company ABG Shipyard, has sought its shareholders' permission to raise its borrowing limit to INR 12,000 crore from the earlier borrowing limit of INR 7,500 crore.

The company in its annual report said that “Taking into consideration the requirements of additional funds to meet the cost of company's capital expenditure program and also additional working capital requirement, the consent of the shareholders is sought to enable the Board of Directors to borrow the money to the extent of INR 12,000 crore.”

The company's 24th annual general meeting will be held at Surat. The company has posted a turnover of INR 1,419.47 crore in FY 09, an increase of about 45.70% as compared to INR 974.24 crore in the previous financial year.

(Sourced from Business Standards)