Institutional investors oversubscribed the stake by placing bids for 1.28 crore shares against the 59.19 lakh shares offered.
Retail buyers will bid to sell the shares on Thursday.
Under OFS, the government will provide Rs. 1540 plans to sell 5% stake. Accordingly, the total offer size will be up to 1.31 crores.
At the floor price, the sale of shares will bring the government exchequer Rs. 1,980 crores in revenue. The government currently holds 72.86% stake in Cochin Shipyard.
OFS rules dictate that only retail investors and employees will be allowed to place their bids on Thursday. However, non-retail investors who placed their bids on Wednesday and chose to carry forward their unallocated bids to the next day will also be allowed to revise their bids.
Cochin Shipyard is one of India’s leading shipbuilding and repair yards and has a dedicated area for offshore construction and future expansion. It is one of the top 10 public sector undertakings in India.
On Wednesday, shares of Cochin Shipyard fell 5% on the NSE to Rs. closed at 1,588.35.
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