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Cochin Shipyard plans IPO worth `400-500 cr

Statesman News Service |

KOCHI, 21 JUNE: Public sector Cochin Shipyard is eyeing capital markets to raise Rs 400-500 crore through Initial Public Offering (IPO) for its expansion plans, a top official today said.
“We are starting the process. We are looking forward to raise about Rs 400-500 crore through IPO,” Cochin Shipyard chairman and managing director commodore, Mr K Subramaniam, told reporters here. The plan is yet to be finalised and the yard has tentatively planned to offer 2.22 crore shares, he added. The total investment for the expansion plans is Rs 1,500 crore.
To sustain growth of ship repair and shipbuilding, it is essential that the investment be made for capacity augmentation for which a new large dry dock at the existing Cochin Shipyard estate capable of docking offshore oil rigs, semi submersibles, etc is needed, he said.
There are also plans to develop a world class ship repair facility at Cochin Port and take up offshore fabrication work for ONGC and other operators at a dedicated offshore location. pti