What happened to ABG Shipyard?

ABG Shipyard, once India's largest private shipyard, collapsed under a massive debt burden. It was admitted to CIRP (insolvency) by the NCLT in August 2019. In 2022, the CBI registered a bank fraud case of ₹22,842 crore against the company and its promoter Rishi Agarwal.

Is ABG Shipyard shares worth buying?

ABG Shipyard shares trade at near-zero value (₹0.02) due to insolvency. The company has no operating income, massive unpaid debt, and equity shareholders rank last in the insolvency waterfall. Investment is extremely high risk and speculative only.

Who is the promoter of ABG Shipyard?

Rishi Agarwal is the promoter of ABG Shipyard. He was arrested by the CBI in February 2023 in connection with a ₹22,842 crore bank fraud case involving ABG Shipyard.

What was ABG Shipyard's business?

ABG Shipyard built and repaired commercial vessels, offshore platforms, defense vessels, and specialized ships. At its peak it had a 400,000 DWT capacity and delivered over 165 vessels.

Which banks are affected by the ABG Shipyard fraud?

A consortium of 28 lenders led by ICICI Bank, SBI, IDBI Bank, Axis Bank, and others are exposed to the ABG Shipyard default, with combined claims exceeding ₹22,842 crore.

How do I buy ABG Shipyard unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for ABG Shipyard?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell ABG Shipyard shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

ABG Shipyard Unlisted Share Price | Buy ABG Shipyard Pre-IPO Shares — wisefolio

Investment Thesis

ABG Shipyard is a cautionary tale of debt-fuelled shipbuilding expansion meeting a global sector downturn. The company is under India's largest bank fraud CIRP case (₹22,842 crore). Its shares are essentially worthless (₹0.02). Any investment is purely speculative with near-zero probability of equity recovery. Avoid for investment purposes.

Pros

Was once India's largest private sector shipyard by capacity prior to insolvency
Strategically located shipyard facilities at Surat and Dahej in Gujarat
Operates in a capital-intensive sector with high barriers to entry for new players
India's growing defence and commercial shipbuilding demand could benefit any acquirer post-resolution

Cons

Company has been under Corporate Insolvency Resolution Process (CIRP) since 2019 — operations effectively ceased
Shares trade at near-zero value (₹0.02) reflecting extreme distress and insolvency status
Outstanding debt of approximately ₹22,842 crore owed to a consortium of 28 banks and financial institutions
The case is one of India's largest bank fraud cases; promoter Rishi Agarwal arrested by CBI in 2023
No dividend, no operational cash flow, and no prospects for ordinary shareholders
Lengthy CIRP process with multiple failed resolution attempts has eroded asset value
Resolution applicants have faced challenges due to the complexity of the debt structure

Business Segments

Shipbuilding

Construction of bulk carriers, container ships, tankers, offshore supply vessels, and defense vessels at Surat and Dahej shipyards

Ship Repair & Maintenance

Dry-docking, repair, and refurbishment services for domestic and international shipping clients

Revenue Model

ABG Shipyard operated on long-term shipbuilding contracts (EPC/fixed-price) with domestic and international shipping companies, the Indian Navy, and offshore oil and gas operators. Revenue was recognized on percentage-completion basis. The company relied heavily on project financing and working capital loans for each vessel build, making it vulnerable to order book slowdowns and cost overruns.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds8

Growth Plans

A strategic acquirer (e.g., defence shipbuilder, port operator, or global shipyard) taking over assets in resolution could revive operations

India's push for indigenous defence shipbuilding under Make in India could attract government interest in the assets

Industry Tailwinds

A strategic acquirer (e.g., defence shipbuilder, port operator, or global shipyard) taking over assets in resolution could revive operations

Recent Developments

CBI Arrests Promoter Rishi Agarwal

The Central Bureau of Investigation arrested ABG Shipyard's promoter Rishi Agarwal and several associates in connection with the ₹22,842 crore bank fraud — the largest bank fraud case in India's history at the time of filing.

February 2023

CBI Registers Largest Bank Fraud Case

CBI filed an FIR against ABG Shipyard, its promoter, and former directors for alleged criminal conspiracy, breach of trust, and cheating a consortium of 28 banks led by ICICI Bank.

2022

Prolonged CIRP Process

The NCLT CIRP process has been ongoing since 2019 without a successful resolution plan being approved, with multiple potential resolution applicants withdrawing or failing to submit viable bids.

2019-2024

Comparable Companies

CompanyTypeTickerMkt Cap

Mazagon Dock Shipbuilders LimitedListedMAZDOCK~₹70,000 Cr (NSE-listed)

Cochin Shipyard LimitedListedCOCHINSHIP~₹20,000 Cr (NSE-listed)

Garden Reach Shipbuilders & Engineers LtdListedGRSE~₹12,000 Cr (NSE-listed)

Mazagon Dock Shipbuilders LimitedListed

MAZDOCK · ~₹70,000 Cr (NSE-listed)

Frequently Asked Questions

About ABG Shipyard

ABG Shipyard Limited is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The company, once India's largest private sector shipbuilder, was admitted to CIRP (Corporate Insolvency Resolution Process) by the National Company Law Tribunal (NCLT) in 2017. At its peak, ABG Shipyard was a premier shipbuilding and ship-repair company with facilities at Surat and Dahej in Gujarat. The company built a diverse range of vessels including chemical tankers, multipurpose cargo vessels, offshore supply vessels, and defence vessels. ABG had significant order books from domestic and international clients including the Indian Navy and shipping companies. The company's collapse was attributed to a combination of factors: a global shipping downturn, over-leveraging, project delays, and difficulties in collecting receivables. ABG Shipyard owed over ₹22,000 crore to a consortium of banks led by SBI — one of the largest bank fraud cases in India — with the CBI investigating alleged bank fraud by its promoters. The resolution process has been prolonged, making recovery for financial creditors uncertain.

Key Milestones

1985: Incorporated in Gujarat as a private shipbuilding company

2000s: Emerged as India's largest private sector shipyard, delivering 165+ vessels

Common questions about unlisted shares

How do I buy ABG Shipyard unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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