The Indian government will sell up to 5% stake in Cochin Shipyard through an offer for sale (OFS), with a floor price of Rs 1,540 per share. The sale aims to raise around Rs 2,000 crore for the exchequer.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Oct 15 (PTI) The government on Tuesday said it will sell up to 5 per cent stake in Cochin Shipyard at a floor price of Rs 1,540 a share starting October 16.
"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," Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on X.
The government will divest 2.5 per cent equity or 65.77 lakh shares, with an option to sell an additional 2.5 per cent.
At a floor price of Rs 1,540 a piece, the share sale of 5 per cent stake would fetch about Rs 2,000 crore to the exchequer.
The floor price is at a discount of close to 8 per cent over Tuesday's closing price of Rs 1,672.
Shares of Cochin Shipyard settled at Rs 1,672 per piece on the BSE, up 3.03 per cent.
The government currently holds 72.86 per cent in Cochin Shipyard.
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