ABG Shipyard investors have turned down a proposal to issue up to INR 20bn ($299m) of shares as part of its restructuring.
The Indian shipbuilder said the deal was a debt for equity swap, but it failed to gain a majority.
A consortium of 22 lenders, led by ICICI Bank, had proposed converting 51% of the INR 164bn debt into shares to take control of the yard.
Its
