The government’s Offer for Sale (OFS) to reduce its stake in Cochin Shipyard concluded on Wednesday, resulting in a 3.04% drop in the company’s shares, which settled at Rs 1,404.30 each. The OFS allowed the government to divest up to 5.04% of its holdings, increasing from an initial plan to sell 2.52% or 66.29 lakh equity shares at a base price of Rs 1,400 per share. The strong interest from institutional investors prompted the government to fully exercise the oversubscription option, ultimately offering 1.33 crore shares.
As of March 31, the Government of India owned a 67.91% stake in the Kerala-based shipbuilder. Within the OFS, 10% of the shares, or 13.26 lakh, were allocated for retail investors, while 26,308 shares were reserved for eligible employees, who could bid up to Rs 5 lakh. By the end of the bidding period, retail investors had subscribed to 8.76% of their allocated shares, while the non-retail segment saw full subscription.
In related news, Green Maritime Propulsion Private Limited, a joint venture between Cochin Shipyard and HBL Engineering Limited, appointed Dr. Harikrishnan S. as its chairman during its inaugural board meeting. The JV aims to leverage the strengths of both companies to create innovative solutions in electric mobility and energy storage, focusing on developing marine batteries, Battery Management Systems, electric motors, and charging infrastructure for next-generation vessels.
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