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Last Updated Saturday June 17 2017 05:21 AM IST

Cochin Shipyard files for Initial Public Offering

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Cochin Shipyard

New Delhi: State-owned Cochin Shipyard has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 1,400-1,500 crore through an initial public offering.

The company-the largest public sector shipyard in India in terms of dock capacity-caters to the defense sector as well as commercial sector worldwide.

The initial public offer (IPO) comprises fresh issuance of 22,656,000 equity shares and an offer for sale of 11,328,000 equity scrips by the government, the company said in a statement.

The equity shares will have a face value of Rs 10 and the price band will be decided in consultation with the Book Running Lead Managers (BRLMs).

According to sources, the company is expected to garner Rs 1,400-1,500 crore.

Proceeds from the fresh issue will be utilized towards setting up of a new dry dock within the existing premises of the company, setting up of an international ship repair facility at Cochin Port Trust area and for other general corporate purposes.

SBI Capital Markets, Edelweiss Financial Services, JM Financial Institutional Securities will manage the IPO.

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