• Source:JND
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Cochin Shipyard Share Price:  The share price of Cochin Shipyard fell by more than 4% on Wednesday, as the government's offer to sell 5% of its stake in the public sector unit (PSU) has been released today. The government has decided to sell its stake at a floor price of Rs 1,540 per share through OFS, which implies a 7% discount from the previous closing level. Following the development the stock has been trading lower in today's trade.

Offer For Sale

The OFS comprises a base offer of a 2.5% stake or 6.6 million shares as well as an additional 2.5% green shoe option. The OFS, which opened for non-institutional investors today, was subscribed to 1.76% by 10.30 am. For retail investors, the issue will open on October 17. 

According to the company's latest shareholding data, the government presently holds a 72.86% stake in Cochin Shipyard.

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Cochin Shipyard Share's Today

At 12.03 pm, Cochin Shipyard's shares were trading at Rs 1,600, down 4.30 per cent on the NSE. Despite a substantial correction in the previous quarter, in which the stock lost almost 42% of its value, it is up more than 137% year-on-year basis.

The shipbuilder's net profit increased by 77% to Rs 174.2 crore in the first quarter of FY25, up from Rs 98.6 crore in the same period last year. However, the PSU's net profit fell by 33% from Rs 258.8 crore in the March quarter. As of September end, the company had an order book of Rs 22,500 crore, as well as an order pipeline of shipbuilding projects worth Rs 7,820 crore.

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Disclaimer:  This story is a piece of news about the recent development in the stock. Jagran does not advise investing, please do take expert advise before investing.

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