Lenders to ABG Shipyard Limited (BSE:532682) have decided to issue a public notice inviting expression of interest from buyers keen to pick up a controlling stake in the company, said two unnamed bankers familiar with the development. "We are going for an open process since it is more transparent and we will get a better sense of the valuation of the company this way," said one of the bankers. "Initially when we were going through a closed process, we couldn't find that many buyers.

The discussions with the Vietnamese investors is still on, though we are doing this open process to see if any surprises come up." While the second banker said, "The banks are actively pursuing the possibility of a change of ownership and management of ABG Shipyard. Another option that banks are exploring is to sell the assets of the shipyard to recover their money. The banks are taking all steps to protect their interest and maximize value of their exposures," Mint reports.