Cochin Shipyard shares dropped nearly 3% after the government announced plans to divest up to 5% of its stake via an Offer for Sale (OFS). The base offer represents 2.5%, with an additional 2.5% green shoe option. The floor price is set at ₹1,540 per share, an 8% discount to the company’s closing price on Tuesday.
The OFS will open for non-retail investors on October 16, with retail investors, employees, and unallocated bids from non-retail investors allowed to participate from October 17. The base offer size consists of 65,77,020 equity shares, and an additional 2.5% may be offered in case of oversubscription, bringing the total to 5%.
There is no discount for retail investors, and eligible employees may apply for shares worth up to ₹2 lakh. The offer is managed by DAM Capital Advisors, Axis Capital, and BOB Capital Markets, with shares available for trading on both the BSE and NSE.
As of 9:22 AM, Cochin Shipyard shares were trading 2.87% lower at ₹1,624.00 on the NSE.
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