Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
The Finance Ministry is planning to divest up to 3 per cent in Cochin
Shipyard via an offer for sale (OFS) in the third quarter of financial year
2024, a government official said. Government aims to rake in Rs 500-600 crore
from the OFS in PSU, it added.
“Government is planning an OFS for Cochin Shipyard. Though the exact
rollout timeline has not been decided, it is likely to be in Q3. DIPAM (the
Department of Investment and Public Asset Management) is looking to offload 2-3
percent this year in the PSU,” the official said. The government’s stake will drop to 69.86 per cent from 72.86 per cent
in the shipbuilding company once the deal goes through.
Founded in 1972, Kerala-based company operates a shipyard that provides
shipbuilding and ships/offshore structures repair services.
The Ministry of ports, shipping and waterways recently upgraded the
shipbuilding company to ‘Schedule A’ Central Public Sector Enterprise (CPSE),
from ‘Schedule B’, allowing it to effectively manage its seven units.
The company will be reporting
its quarter ending June results today, August 11.
The company’s profit plunged almost 86 per cent to Rs 39.3 crore against
Rs 275 crore in the fourth quarter of financial year 2022. Its revenue from
operations fell by 51 per cent to Rs 600.1 cr against Rs 1,212.5 cr in the same
quarter previous fiscal.
The stock of Cochin Shipyard is trading at Rs 640 apiece, down nearly 3
per cent, at 12:27 pm.
