Latest News | Mazagon Dock Shipbuilders Stock Plunges 7 Pc as Govt to Sell Stake Via OFS
Get latest articles and stories on Latest News at LatestLY. Mazagon Dock Shipbuilders plunged 7 per cent in the morning trade on Friday after the government announced that it will sell up to 4.83 per cent stake in the state-owned firm.
New Delhi, Apr 4 (PTI) Mazagon Dock Shipbuilders plunged 7 per cent in the morning trade on Friday after the government announced that it will sell up to 4.83 per cent stake in the state-owned firm.
The scrip of Mumbai-based firm declined 6.90 per cent to Rs 2,548.70 apiece on the National Stock Exchange.
On the BSE, it dipped 6.78 per cent to Rs 2,550 per piece.
The 30-share BSE Sensex slumped 837.62 points or 1.1 per cent to 75,457.74, while the broader NSE Nifty declined 319.60 points or 1.37 per cent to 22,930.50.
On Thursday, the government said it will sell up to a 4.83 per cent stake in Mazagon Dock Shipbuilders at a floor price of Rs 2,525 per share.
"Offer for Sale (OFS) in Mazagon Dock Shipbuilders Ltd (MDL) opens tomorrow for non-retail investors. Retail investors can bid on Monday. The government will divest 2.83 per cent equity with an additional 2 per cent as a green shoe option," DIPAM Secretary Arunish Chawla said in a post on X.
The OFS will open for institutional investors on Friday. Retail buyers can put in bids on April 7.
The government is selling 1.14 crore equity shares, with a greenshoe option to sell an additional 80.67 lakh shares.
The share sale of up to 4.83 per cent at a floor price of Rs 2,525 a piece would fetch about Rs 5,000 crore to the exchequer.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)