State-owned Mazagon Dock Shipbuilders has received markets regulator Sebi’s go-ahead to float an initial public offering (IPO).
The public sector undertaking had filed draft papers with the Securities and Exchange Board of India (SEBI) in August seeking its clearance to launch an IPO and obtained its “observations” on December 13, according to the latest update with the markets watchdog. SEBI’s observations are necessary for any company to launch public issues like IPO, follow-on public offer (FPO) and rights issue.
Going by the draft papers, Mazagon Dock, a leading shipyard of India serving the nation’s strategic requirements, will see sale of over 2.8 crore equity shares by the government. The issue is being managed by Yes Securities, IDFC Securities, Axis Capital, JM Financial and Edelweiss Financial Services.
The IPO is part of the government’s target to garner Rs 1.05 lakh crore through stake sale in state-owned companies in 2019-20. Earlier in August 2018, Mazagon had got the markets regulator’s clearance to float an IPO, but did not go ahead with the plan.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.