Govt to exercise greenshoe option in Cochin Shipyard OFS after receiving bids worth Rs 1,900 crore

The Centre has decided to exercise greenshoe option in the Cochin Shipyard OFS after it received bids worth over Rs 1,900 crore from institutional investors on Wednesday.

Institutional investors oversubscribed the portion of shares by placing bids for 1.28 crore shares as against 59.19 lakh shares offered.

Retail buyers will get to bid for the share sale on Thursday.

Under the OFS, the government planned to sell 5% stake at Rs 1540 apiece. Accordingly, the total offer size will be up to 1.31 crore.

At the floor price, the share sale would fetch over Rs 1,980 crore to the exchequer. The government currently holds 72.86% stake in Cochin Shipyard.

The OFS regulations mandate that only retail investors and employees will be allowed to place their bids on Thursday. However, those non-retail investors who have placed their bids on Wednesday and have chosen to carry forward their unallotted bids to the next day, will also be allowed to revise their bids.Cochin Shipyard is one of the leading shipbuilding and repair yards in India and has an exclusive area set for offshore construction and future expansion. It is one of India’s top 10 public sector undertakings.On Wednesday, Cochin Shipyard shares ended 5% lower at Rs 1,588.35 on NSE

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