Commerce & Industry
The government announced its plan to sell up to a 5% stake in Cochin Shipyard through an Offer for Sale (OFS) aimed at raising approximately $244 million (Rs 2,026 crore). The sale will begin on Wednesday for non-retail investors and will open to retail investors on Thursday, with a floor price set at $18.51 (Rs 1,540) per share—an 8% discount from Cochin Shipyard's closing price of $20.14 (Rs 1,673) on Tuesday. The initial offering includes a 2.5% equity stake, equivalent to 6.57 million shares, with an additional 2.5% available through a green shoe option. The government held a 72.86% stake in Cochin Shipyard as of September 2024, marking this as the Centre's third divestment in the financial year 2025.