Stock to Watch: Cochin Shipyard shares in focus as Govt to sell up to 5% stake via OFS
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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...