Government Launches Share Sale in Mazagon Dock Shipbuilders

The Indian government plans to sell up to 4.83% stake in Mazagon Dock Shipbuilders, starting with institutional investors, and later for retail investors. The sale, at a floor price of Rs 2,525 per share, aims to raise around Rs 5,000 crore with a greenshoe option included.

The Indian government plans to divest up to 4.83% in Mazagon Dock Shipbuilders Limited, beginning with institutional investors. The floor price is set at Rs 2,525 per share, as stated by DIPAM Secretary Arunish Chawla on social media.

Retail investors will have their chance to bid on April 7, following the initial offering for institutional buyers. The government's plan includes selling approximately 1.14 crore shares, with an option to expand the sale by an additional 80.67 lakh shares.

This strategic move is expected to generate approximately Rs 5,000 crore for the government. On the Bombay Stock Exchange, shares of Mazagon Dock rose by 5.05 per cent, closing at Rs 2,735.45.

(With inputs from agencies.)