Union govt to sell 5% stake in Cochin Shipyard

Kochi: The Union govt is planning to sell up to 5% of its stake in Cochin Shipyard Limited (CSL), one of India's premier shipbuilding and repair facilities. According to a filing with the National Stock Exchange, the sale will proceed through an offer for sale (OFS) mechanism, opening on Wednesday for non-retail investors, with a floor price set at Rs 1,540 per share.The filing states, "The President of India, through the ministry of ports, shipping and waterways, is the promoter of Cochin Shipyard Limited. The President proposes to sell up to 6,577,020 equity shares, representing 2.5% of the total paid-up equity share capital, with an option for an additional 2.5% through a designated stock exchange window."Cochin Shipyard, established in 1978, is recognized as one of India's top ten public sector undertakings and has recently secured export orders due to improved productivity and marketing efforts.
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.