India Invites Bank Bids to Handle Cochin IPO

The Indian government has called for the expression of interest from merchant bankers to manage the initial public offering of Cochin Shipyard’s shares, the government said.

Under the sale, the Indian government will relinquish its 10 percent stake in the shipyard in order to raise funds for infrastructure expansion.

The proposal, which should raise an amount of Rs 33.984 crore, will include an issue of an IPO of over 3 million equity shares, comprising a fresh issue of over 2 million shares and sale of the government’s stake of over one million shares.

Merchant bankers are to submit bids for the IPO mandate by February 18, 2016.

Cochin Shipyard’s workers recently said that if the government proceeds with the sale, they would stage an indefinite strike. Namely, the workers want the money for the expansion to be raised by other means.

The move is in line with the shipyard’s plan to start the construction of the country’s first LNG carriers.

World Maritime News Staff

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