Government is selling 5 percent stake in Cochin Shipyard through OFS route, floor price is Rs 1540

Cochin Shipyard OFS: The central government is going to sell 5 percent stake in multibagger company Cochin Shipyard through offer for sale route. The offer for sale of Cochin Shipyard will be open from 16 to 17 October. The government is going to sell shares of Cochin Shipyard in an offer for sale at the rate of Rs 1540 per share, which is 7.90 percent discount from Tuesday’s closing price.

In a regulatory filing with the stock exchange, Cochin Shipyard said that a total of 65,77,020 shares with a face value of Rs 5 each, which is 2.50 per cent, are being offered under the base offer in the OFS. In case of oversubscription, 2.50 percent more stake will be sold. The floor price for the offer for sale of Cochin Shipyard has been fixed at Rs 1540 per share. On Tuesday, October 15, the company’s stock closed at Rs 1672. That means, the offer for sale is being made at a discount of Rs 132 or 7.89 percent from today’s closing price.

This offer for sale will last for two trading sessions in which it will be offered in separate windows on the stock exchanges on October 16 and 17, 2024. The offer will open at 9.15 am and will close at 3.30 pm. On October 16, non-retail investors will be able to place orders in the OFS of Cochin Shipyard during the trading session. Along with retail investors, company employees will be able to place orders on October 17. Whereas non-retail investors who have decided to carry forward unallotted bids can bid on October 17.

The company said that at least 25 percent of the shares being offered in the offer for sale of Cochin Shipyard will be reserved for mutual funds and insurance companies. 10 percent shares have been reserved in OFS for retail investors. Retail investors can apply for shares up to Rs 2 lakh. 25000 equity shares are reserved for employees. Employees of the company can apply for shares up to Rs 2 lakh.

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