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Wednesday, December 26, 2001

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GE Shipping to raise Rs 95 cr via preference shares

Our Bureau

MUMBAI, Dec. 25

GREAT Eastern Shipping Company Ltd is raising Rs 95 crore by way of issue of preference shares. Rating agency, Crisil, has given a pfAAA rating to the issue. The rating takes into account the company's strength on account of its diversified income stream, according to Crisil in a release.

Despite a Rs 148-crore share buy-back programme implemented last year, the company's financials continued to remain at the anticipated levels mainly due to the prevailing favourable business cycle, Crisil said in the release.The company has a $160-million capital investment plan in the next 2 to 3 years. But the impact of this on the company's gearing would be moderate, the release said.

 
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