The Indian government plans to sell a stake of up to 4.83% in Mazagon Dock Shipbuilders, reports Reuters citing an exchange filing.
Mazagon Dock falls 6%
The government, which currently owns 84.83% of the company, is looking to sell 11.4 million shares representing a stake of 2.83% with an option to sell an additional 2%.
The sale will be made at a floor price of 2,525 rupees per share, the shipbuilding company said, a near 8% discount to Thursday’s closing price.
Mazagon Dock’s shares have risen nearly 23% so far this year.
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Source: Reuters
