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SCMP Reporter

THE International Finance Corp, the private sector arm of World Bank, has agreed in principle to increase its holding in Varun Shipping Co (VSCL).

  The Washington-based corp will buy into Varun Shipping's proposed US$30 million Euro bond issue and lift its equity stake from between 4 and 5 per cent to 10 per cent.

  The planned foreign currency convertible bond (FCCB) (with a greenshoe option of 10 per cent) is however delayed because of depressed stock market conditions in India   Varun Shipping International, the Singapore-based wholly-owned subsidiary of Varun Shipping, has commenced operation using two small product tankers.



IFC to lift Varun stake