Mumbai, July 13: Great Eastern Shipping Company Ltd has raised USD 59.65 million through external commercial borrowings (ECBs) in the current fiscal for its fleet expansion. The company, since April 2003, has raised a debt of USD 59.65 million through ECBs for the fleet expansion programme, GE Shipping said in its annual report for 2002-03 here.
During FY-03, the city-based shipping major had borrowed USD 29.76 million through ECBs and Rs 90 crore by way of private placement of non-convertible debentures (NCDs), it said.
The NCDs, which carry a coupon rate of 8.95 per cent, were redeemable in 2007, it added.
In the last quarter of 2002-03, the company bought a second-hand Panamax Product Carrier and took delivery of a newly built double hull MR product carrier, it said. Bureau Report