Chowgule Steamships is currently trading at Rs. 19.35, up by 0.90 points or 4.88% from its previous closing of Rs. 18.45 on the BSE.
The scrip opened at Rs. 19.25 and has touched a high and low of Rs. 19.35 and Rs. 19.00 respectively. So far 9397 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 25.10 on 17-Feb-2012 and a 52 week low of Rs. 16.20 on 14-Dec-2012.
Last one week high and low of the scrip stood at Rs. 18.45 and Rs. 16.20 respectively. The current market cap of the company is Rs. 70.26 crore.
The promoters holding in the company stood at 67.96% while Institutions and Non-Institutions held 0.06% and 31.98% respectively.
Chowgule Steamships’ wholly owned overseas subsidiary - Chowgule Steamships Overseas (CSOL), is implementing a plan for expansion of its fleet through acquisition of new built vessel. In order to meet the funding requirements of CSOL for the said acquisition, the company has subscribed to the convertible redeemable shares (CRS) of CSOL only for an amount of $5.50 million. The balance fund requirements of CSOL of $9 million were meet through subscription for CRS received from another company in the group.
The said CRS are zero coupon convertible redeemable shares of $1 each with maturity of 10 years. Each CRS can be converted by holder into one ordinary share at any time before the end of tenure.
Further, CSOL also has the right to convert or redeem the CRS after the tenure is over, in case if the same are not covered earlier by the holder thereof. The unconverted CRS are liable to be redeemed at a redemption price of $1.10 per CRS. If such conversion of CRS allotted to persons other than the company takes place, then the shareholding of the company in the equity of CSOL will reduce to that extend.
Chowgule Steamships is principally engaged in the carriage of goods by sea, and is committed to serve its customers to their satisfaction and mutual optimum benefits.
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