Mazagon Dock gets SEBI's go-ahead to float IPO; govt to sell over 2.8 cr equity shares

State-owned Mazagon Dock Shipbuilders has received markets regulator SEBI's go-ahead to float an initial public offering (IPO)

Press Trust of India December 17, 2019 17:22:47 IST
Mazagon Dock gets SEBI's go-ahead to float IPO; govt to sell over 2.8 cr equity shares
  • 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

  • It obtained SEBI's 'observations' on 13 December, 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

New Delhi: 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 13 December, according to the latest update with the markets watchdog.

Mazagon Dock gets SEBIs goahead to float IPO govt to sell over 28 cr equity shares

Representational image. Reuters.

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.

Updated Date:

also read

Hours after PM Modi's order on recruitment of 10 lakh, Home Ministry initiates hiring process in 'mission mode'
India

Hours after PM Modi's order on recruitment of 10 lakh, Home Ministry initiates hiring process in 'mission mode'

Prime Minister Narendra Modi announced the recruitment of 10 lakh people by the Government of India in 'mission mode' by December 2023. The instruction was given after the PM reviewed all departments and ministries

Summer vacation in West Bengal government-run schools extended due to extreme heat
India

Summer vacation in West Bengal government-run schools extended due to extreme heat

Principal Secretary (Education) Manish Jain said in a notification that the decision was taken keeping in mind the safety of students

Whether or not Eknath Shinde’s rebellion succeeds, Shiv Sena as we know it is finished
Politics

Whether or not Eknath Shinde’s rebellion succeeds, Shiv Sena as we know it is finished

It appears that Uddhav Thackeray inherited only his formidable father’s surname, not his gravitas