INSUBCONTINENT EXCLUSIVE:
Cochin Shipyard makes ships including bulk carriers, passenger vessels and aircraft carriers, according to its website.1 min read Last
Updated : Oct 15 2024 | 9:03 PM IST
The Indian government will offload a stake of about 5% in shipbuilder Cochin Shipyard, an exchange
filing showed on Tuesday.
The floor price for the sale is 1,540 rupees, an 8% discount to the stock's Tuesday close, the filing showed
At this price, the stake is valued at Rs 2,026 crore ($241.2 million).Click here to connect with us on WhatsApp
The base size of the offer
will be 2.5%, amounting to about 6.6 million shares, with an option to sell an additional 2.5% stake.
The government has raised 31.61
billion rupees through divestments in the ongoing fiscal year, including 23.46 billion rupees from selling its stake in General Insurance
practice.
The sale of Cochin Shipyard's stake will open on Oct
16 for non-retail investors and on Oct
17 for retail investors.
The Indian government held 72.86% stake in Cochin Shipyard as of June 30, according to exchange data.
Cochin
Shipyard makes ships including bulk carriers, passenger vessels and aircraft carriers, according to its website.(Only the headline and
picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated
feed.)First Published: Oct 15 2024 | 9:03 PMIST
