India to sell up to 5% stake in Cochin Shipyard
India to sell up to 5% stake in Cochin Shipyard July 6 (Reuters) - The Indian government will sell up to 5.04% stake in Cochin Shipyard COCH.NS via an offer for sale, according to an X post from the secretary of India's Department of Investment and Public Asset Management.
The OFS consists of a base offer of 2.52% equity stake in the state-run shipbuilder, with the option to sell an additional 2.52% in case shares are oversubscribed.
The Indian government holds a 67.92% stake in the company, as of March 31, according to exchange data.
The floor price for the OFS has been fixed at 1,400 rupees ($14.68) per share — a discount of over 7% to Cochin Shipyard's last closing price.
An OFS allows large shareholders of listed companies to sell shares to the public through stock exchanges without issuing new shares.
The OFS will open for non-retail investors on July 7 and for retail investors on July 8.
The sale is aligned with the Indian government's broader divestment and asset monetisation strategy. In the Union Budget 2026-27, the government set a target of 800 billion rupees from divestment and asset monetisation initiatives.
($1 = 95.3950 Indian rupees)
(Reporting by Anuran Sadhu in Bengaluru; Editing by Joyjeet Das)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))
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