Shares of Cochin Shipyard plunged over 4% to intra-day low of Rs 1599 on NSE today on October 16 as the government is gearing up to divest up to a 5% stake in the company through an offer for sale (OFS). The floor price for the sale has been set at Rs 1,540 per share.
Details of Cochin Shipyard’s OFS
The two-day OFS will commence on Wednesday for non-retail investors, with a base issue consisting of the sale of a 2.5% equity stake, which represents 65,77,020 shares. Additionally, there is a green shoe option for another 2.5% stake.
Retail investors and employees of Cochin Shipyard can participate in the OFS starting on Thursday, ensuring broader access to the sale.
What is the Floor Price of Cochin Shipyard’s OFS?
The floor price of Rs 1,540 per share is at an 8% discount compared to Tuesday’s closing price of Rs 1,673. The stock saw gains of Rs 48.60, or 3%, on Tuesday, rising over Monday’s closing price.
Stock Performance in Last One Year
Cochin Shipyard shares have delivered mixed returns across various time frames. Over the last month, the stock has shown a negative return of 39.08%. In the last six months, the performance has been even more impressive, with a substantial increase of 58.19%, showcasing the stock’s resilience and upward momentum.
Year-to-date, Cochin Shipyard shares have surged by 146.96%, emphasizing the stock’s positive trajectory in the current calendar year. Looking back over the last twelve months, the stock has demonstrated significant growth, surpassing 224.59%. These consistent positive returns underscore the stock’s strong performance and appeal to investors.
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