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 "Cochin Shipyard")
The Cochin Shipyard manufactures ships including bulk carriers, passenger ships and aircraft carriers, according to its website.
The Indian government will sell a stake of around 5% in shipbuilder Cochin Shipyard, an exchange filing showed on Tuesday.
The floor price for the sale is Rs 1,540, an 8% discount to Tuesday’s close, according to the filing. At this price, the stake is valued at Rs 2,026 crore ($241.2 million).
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The base size of the offering will be 2.5%, representing approximately 6.6 million shares, with an option to sell an additional 2.5% stake.
The government raised Rs 31.61 billion through disinvestments in the current financial year, including Rs 23.46 billion through the sale of its stake in General Insurance Corporation of India, according to its website.
However, it did not set a divestment target for the year, which deviates from its usual practice.
The sale of Cochin Shipyard’s stake will begin on October 16 for non-retail investors and on October 17 for retail investors.
The Indian government held 72.86% stake in Cochin Shipyard as of June 30, according to exchange data.
The Cochin Shipyard manufactures ships including bulk carriers, passenger ships and aircraft carriers, according to its website.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 15, 2024 | 9:03 p.m. STI