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The Indian government plans to exercise its greenshoe option in the Cochin Shipyard offer-for-sale (OFS) after attracting bids worth over ₹1,900 crore from institutional investors on Wednesday.
Institutional investors placed bids for 1.28 crore shares, exceeding the 59.19 lakh shares offered. Retail investors will have the opportunity to bid on Thursday.
Through this OFS, the government aims to sell a 5% stake at ₹1,540 per share, bringing the total offer size to around 1.31 crore shares. If the sale goes as planned, it will generate over ₹1,980 crore for the government, which currently holds a 72.86% stake in Cochin Shipyard.
According to OFS rules, only retail investors and employees can place bids on Thursday. However, non-retail investors who bid on Wednesday can carry forward their unallocated bids to the next day and adjust them if they choose.
Cochin Shipyard is a major player in shipbuilding and repair in India, with a dedicated area for offshore construction and future growth. On Wednesday, Cochin Shipyard shares closed 5% lower at ₹1,588.35 on the NSE.
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