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PSU disinvestment: Mazagon Dock's IPO to open on September 29

Mazagon Dock Shipbuilders Limited (MDSL) will launch its initial public offering (IPO) for subscription on September 29

PSU disinvestment: Mazagon Dock's IPO to open on September 29
  • Price Band of Rs 135 – Rs 145 per Equity Share, Face Value of Rs 10 each

  • Issue Opening Date – September 29 and issue closing date – October 1

  • Minimum Bid Lot is 103 Equity Shares and in multiples of 103 Equity Shares thereafter

New Delhi: Mazagon Dock Shipbuilders Limited (MDSL), a Miniratna Defence PSU and India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy, will be opening its initial public offering (IPO) for subscription on September 29. The IPO will be closed on October 1, with a price band of Rs 135 – Rs 145 per equity share, the Defence PSU said in an official statement.

The offer is being made through the book building process in accordance with regulation 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 and regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended where allocation to QIBs is not more than 50 percent of the Net Offer, non-institutional bidders is not less than 15 percent of the Net Offer and Retail Individual Bidders is not less than 35 percent of the net offer.

Also read: Govt initiates disinvestment process of 15% stake in BDL via OFS

The objects of the offer are to carry out the disinvestment of 30.59 crore equity shares by the selling shareholder constituting 15.17 percent of the company’s pre-offer paid-up equity share capital. The issue proceeds will go to the president of India, acting through the Ministry of Defence, which is the selling shareholder of the D-PSU.

YES Securities India Ltd, Axis Capital Ltd, Edelweiss Financial Service Ltd, DAM Capital Advisors Limited (formerly known as IDFC Securities Ltd) and JM Financial Ltd are the BRLMs to the offer, said the statement.

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