Mazagon Dock shares dive 13% as govt to exercises oversubscription option to sell additional 1.18% stake

Synopsis

Mazagon Dock OFS: Mazagon Dock Shipbuilders shares plunged 13% to deed an intraday debased of ₹2,207.30 connected the BSE connected Monday, pursuing the government's determination to workout the oversubscription enactment and offload an further 1.18% involvement successful the institution via its ongoing connection for merchantability (OFS).

Mazagon Dock Shipbuilders shares nosedived 13% to an intraday debased of Rs 2,207.30 connected the BSE connected Monday aft the authorities announced it would workout the oversubscription option to merchantability an further 1.18% involvement successful the institution done its ongoing connection for merchantability (OFS). This increases the full connection size to 4.01%, according to an speech filing connected Friday.

Under this option, the authorities volition offload an further 47.69 lakh shares. This comes connected apical of the basal contented of 1.14 crore shares, oregon a 2.83% stake.

The OFS opened connected Friday for non-retail investors and volition proceed connected Monday for retail investors, employees, and non-retail investors with unallotted bids. The level terms for the merchantability has been fixed astatine Rs 2,525 per share.

On Thursday, the state-run institution had disclosed that the authorities mightiness merchantability up to 80.67 lakh further shares (2%) done the oversubscription route. Eventually, it opted to merchantability a 1.18% involvement instead.

"Accordingly, the full connection size volition beryllium up to 1,61,80,354 equity shares (representing 4.01% of the full paid-up equity stock superior of the company), of which 16,18,036 shares, i.e., 10% of the offer, volition beryllium disposable for the retail class connected T+1 day, i.e., April 7, 2025," the filing stated.

As of the December 2024 quarter, the Union authorities held an 84.83% involvement successful the company, according to BSE data.

Mazagon Dock Shipbuilders: Stock people and performance

According to Trendlyne data, the mean people terms for the banal is Rs 2,446, indicating a downside of 4% from existent levels. The statement proposal from 3 analysts is simply a ‘Hold’.

On Friday, Mazagon Dock Shipbuilders shares closed astatine Rs 2,541.2 connected the BSE, down 7.1%, portion the benchmark Sensex declined 1.22%. The banal has surged 13% year-to-date and an awesome 673% implicit the past 2 years. The company’s marketplace capitalization presently stands astatine Rs 1,02,506 crore.

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