Exclusive | ZeeBiz report gets stamp of approval; Garden Reach OFS likely soon, CMD tells Anil Singhvi
Plan to sell 10 per cent stake in Garden Reach Shipbuilders & Engineers Limited is at the proposal stage and Department of Investment and Public Asset Management is (DIPAM) under the Government of India is considering it, Chairman and Managing Director (CMD), Rear Admiral Vipin Kumar Saxena, told Zee Business Managing Editor Anil Singhvi in an exclusive interview
Plan to sell 10 per cent stake in Garden Reach Shipbuilders & Engineers Limited is at the proposal stage and Department of Investment and Public Asset Management is (DIPAM) under the Government of India is considering it, Chairman and Managing Director (CMD), Rear Admiral Vipin Kumar Saxena, told Zee Business Managing Editor Anil Singhvi in an exclusive interview. This has come as a stamp of approval for the channel's earlier report about the stake sale plans by the company.
The specific details on this will be known soon, the CMD said.
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He further said that Garden Reach has been doing well and even the investors are liking the company’s shares. It has been consistently performing well, he added. Whenever this Offer For Sale (OFS) happens, they will benefit.
The company has enough cash at its disposal, almost equal to its market capitalisation - a fact that Singhvi liked about the company.
The cash in hand for the company is around Rs 2600 cr, Saxena said adding that this money is given to the company for meeting stage payments.
The order book is currently worth Rs 26554 cr and the company has 4 projects of the Indian Navy. Three projects are new in which the company will give 15 ships to the Navy while in the fourth project, 8 ships are to be delivered.
Garden Reach has already delivered 7 out of these 8 ships, the CMD said. The last one will be delivered by October.
The work on this entire order book is to be completed by 2027.
The growth trajectory and turnover will be significant, going forward, Saxena said.
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The company has state-of-the-art facility which has improved efficiency. That has also shown in the bottom-line. The Profit After Tax (PAT) improved by 48 per cent, he added.
The shares of Garden Reach are currently trading around Rs 223.
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