Bharati Shipyard approves Rs2,854-cr CDR plan

Bharati Shipyard has Rs6,800 crore order book which would be executed by 2014

Bharati Shipyard said its board has approved a Rs2,854-crore corporate debt restructuring (CDR) programme as part of efforts to optimise costs.

"The debt restructuring will help us to optimise costs and resources in the time to come," company managing director PC Kapoor said in a statement.

Bharati Shipyard's total debt currently stands at Rs3,250 crore. The restructuring pertains to "term/working capital debt". The company, which is in advanced stages of completion of its two greenfield shipyards at Dabhol and Mangalore, said it has Rs6,800 crore order book which would be executed by 2014.
"Majority of our orders come from the European markets, which is currently facing challenging times. However, we are in the process of delivering five vessels in the next six months," Kapoor said.

He said the company would undertake various initiatives to optimise the current resources in view of the overall sectoral slowdown and the challenging economic scenario.

"The overall shipping industry in India is under tremendous pressures. However, Bharati Shipyard is confident of its business model and successfully weathering the current business challenges," he said.

In the afternoon, Bharati Shipyard was trading at around Rs73 per share on the Bombay Stock Exchange, 1.17% up from the previous close.

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Goodwill Hospital to raise Rs62 crore through IPO

Goodwill Hospital’s issue opens on December 30 and closes on January 9

Goodwill Hospital and Research Centre Ltd, engaged in running a multi-speciality hospital at Noida, has fixed price band of Rs175 to Rs185 for its proposed public offer.

The company is entering the capital market with its initial public offer (IPO) of equity share of face value Rs10 each at a premium aggregating to Rs62 crore along with one detachable warrant per equity share offered. The proposed issue is being made through a 100% book building process, a company statement said here. The issue opens on December 30 and closes on January 9.

The company intends to use issue proceeds for setting up of diagnostic centre at Faridabad with an outlay of Rs16.22 crore, establishment of six polyclinics at a cost of Rs33.97 crore and repayment of loans of Rs10 crore.

Goodwill Hospital is running a multi-speciality hospital at Noida under the name 'Ojjus Medicare', with a focus on core areas such as neurology and neuro surgery, cardiology and cardiac surgery and orthopaedics with emphasis on joint replacements and sports injuries. The company also plans to set up a wellness and cosmetology centre at Gurgaon offering solutions for wellness and aesthetics under one roof, the release said.

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Axis Bank, BankBazaar.com launch Insta Car Loans

Insta Car Loan facility offers customers instant in-principle approvals for car loans, based on credit checks at designated car dealerships or at Axis Bank branches

Axis Bank with BankBazaar.com has launched ‘Insta Car Loans’, an auto finance facility that approves instant car loans at various car dealerships and at Axis Bank branches.

Axis Bank's Insta Car Loan facility offers customers instant in-principle approvals for car loans, based on credit checks in real time at designated car dealerships or at Axis Bank branches. The feature also provides car dealerships instant approvals for their customers without any additional investment in manpower or software as the facility can be accessed with just an internet connection.

In the initial phase Axis Bank is offering ‘Insta Car Loan’ facility across 50 dealerships in Mumbai, Delhi NCR, Pune, Ahmedabad, Kolkata, Hyderabad, Chennai and Bangalore. The Bank is further planning to expand ‘Insta Car Loan’ facility to nearly 200 dealerships across 30 cities.

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