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The Economic Times

Debaroti Adhikary

Cochin Shipyard shares fall 4% as OFS worth Rs 1,856 crore opens today at 7% discount

Cochin Shipyard OFS Govt

The shares of Cochin Shipyard dropped 4% to Rs 1,444 on the BSE on Tuesday as the government is all set to sell up to 1.3 crore shares through an offer for sale (OFS) at a floor price of Rs 1,400 apiece, implying a discount of more than 7% from the stock’s previous closing price.

Cochin Shipyard on Monday announced that the government plans to sell up to 66.3 lakh shares or 2.52% stake in the company as part of the base offer, and another 66.3 lakh shares as part of an oversubscription offer. At the floor price of Rs 1,400 per share, the total of 1.3 crore shares or around 5.04% stake would be worth more than Rs 1,856 crore.

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