GAGA Share Market News

[hfe_template id='11223'] [ad_1] Shares of state-run Cochin Shipyard are likely to remain in focus on Wednesday as the government will sell up to 5% stake sale in the company via an offer for sale (OFS). The floor price is set at Rs 1,540 per share and the two-day issue opens today. The base issue comprises the sale of a 2.5% equity stake representing 65,77,020 shares with a green shoe option of another 2.5%. The OFS will open for non-retail investors today and for retail investors and employees of the company on Thursday. The floor price of Cochin Shipyard shares are at a discount of 8% over Tuesday's closing price of Rs 1,673. The stock on Tuesday ended with gains of Rs 48.60 or 3% on the NSE over Monday's closing price. The offer will take place during trading hours through a separate window on Thursday. Shares of Cochin Shipyard have fallen nearly 80% from their 52 week peak of Rs 2,979.45, they had hit in July this year.Notwithstanding the recent decline, th...

[hfe_template id='11223'] [ad_1] Billionaire Anil Agarwal's Vedanta fell short of meeting its initially targeted proceeds from an offer for sale (OFS) in group entity Hindustan Zinc, with the exercise netting ₹3,100 crore for the resources conglomerate that had first sought to garner up to ₹6,500 crore in stake dilution but later reduced the OFS size. Vedanta sold 63.6 million shares of Hindustan Zinc in a two-day OFS that concluded on Monday. The promoter, Vedanta, initially aimed to raise up to ₹6,500 crore by divesting a 3.17% stake. The natural resources company held a 64.92% stake in the zinc company as of June and offloaded a 1.5% stake through the OFS on Friday and Monday. Shares of Hindustan Zinc have plunged nearly a fifth since last Monday, wiping out more than ₹50,000 crore in market vale. Vedanta had initially said that it would sell 51.4 million shares of Hindustan Zinc, with the option to additionally sell up to 82.3 million shares in case of oversubscr...