NEW DELHI: The government will sell up to 5% stake in Cochin Shipyard via an offer for sale (OFS), with a floor price set at Rs 1,540 per share. The issue will open for non-retail investors on Wednesday and will last for two days.
The base issue involves selling 2.5% equity stake, which equals 65,77,020 shares, with an additional option to sell another 2.5%. The OFS will open for retail investors and company employees on Thursday. As of September 30, the government had a stake of 72.86% in it.
“Offer for sale in Cochin Shipyard Limited (CSL) opens tomorrow for Non-Retail investors. Retail investors and Employees of CSL can bid on Thursday, 17th October. Government will divest 2.5% equity with an additional 2.5% as green shoe option,”
DIPAM Secretary said in a tweet. Through the OFS, the government would raise a minimum of Rs 2,000 crore. It reported a 76.5% rise in net profit, reaching Rs 174.2 crore for Q1FY25.