Workers Await their Share of Shipyard Pie
KOCHI: Nearly 1,700 employees of Cochin Shipyard Ltd (CSL) will get a chance to own a piece of the Kochi-based PSU in the initial share sale, expected some time next year. It is likely that the employees will be offered shares at a discount of at least five per cent.
About 10 pc (about 33.9 lakh shares) of the IPO will be reserved for the employees in a move to get the backing of the workers for the disinvestment programme, according to an investment banker tracking PSU divestment.
During Coal India Ltd’s initial public offering (IPO), 10 per cent was reserved for the employees. Coal India’s IPO was priced at Rs232/share for employees. On the listing day, the share prices went as high as Rs343/share, a profit of over Rs1 lakh on investment in 100 shares.
Kala V, company secretary, CSL, told ‘Express’ that ‘preparatory work’ for the disinvestment has already begun.