Indian government to sell stake in local shipyard

Indian state-owned shipbuilder Cochin Shipyard (CSL) confirmed via an exchange filing earlier this week that the Indian government is proposing to sell its stake in CSL, currently at 6,577,020 equity shares representing 2.5 per cent of the total paid-up equity share capital of the company.

The Indian government, acting through the Ministry of Ports, Shipping and Waterways, also has an option to additionally sell 6,577,020 equity shares through a separate, designated window of the stock exchanges, collectively representing five per cent of the total issued and paid-up equity share capital of the company in accordance with Offer for Sale (OFS) guidelines.

According to exchange data, the government's stake in CSL as of June 30 was nearly 73 per cent.

CSL was established in 1972 and has constructed vessels for both commercial and government use. Deliveries by the yard in recent years include tugs, ferries, cargo vessels, and India's first locally-built aircraft carrier, INS Vikrant (pictured).