This has reference to our earlier letter No. SECY/GRSE/BD-69/CA/12/24-25 dated 01 Jul 2024, regarding GRSE bagged Contract for Construction of an Advanced Ocean-Going Tug for valued at approx. 21 million USD.In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the SEBI Listing Regulations ), we wish to inform you that the Government of the People s Republic of Bangladesh has cancelled the order.
GRSE · price
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GRSE had won a contract in July 2024 worth approximately USD 21 million (~₹175–180 crore) to build an Advanced Ocean-Going Tug for the Government of Bangladesh. On 21 May 2025, the company disclosed to the stock exchanges that the Bangladesh government has cancelled this order. The disclosure has been made under SEBI's Regulation 30 listing requirements, marking it as a material event for investors. The original contract was an export order denominated in US dollars, which GRSE had highlighted as a significant foreign order win at the time of award.
Negative for the stock — the loss of a ~₹175+ crore export order from a foreign government may dent near-term revenue visibility and raises concerns about the order book. Investors should watch for management commentary on whether a replacement order or compensation is being pursued.