March 24, 2017 / 12:20 PM / 5 months ago

BRIEF-India's Cochin Shipyard files DRHP with SEBI for IPO

March 24 (Reuters) - Cochin Shipyard Ltd

* Cochin Shipyard files papers with SEBI seeking permission for its initial public offering

* IPO comprises of 33.98 mln equity shares consisting of a fresh issue of 22.66 mln equity shares and an offer for sale of 11.3 mln equity shares

* Equity shares will have a face value of INR 10 and price band will be decided in consultation with the book running lead managers

* Net proceeds from issue to be used for setting up new dry dock, setting up of international ship repair facility at Cochin port trust area

* SBI Capital Markets, Edelweiss Financial Services, JM Financial Institutional Securities are book running lead managers to issue Source text:

India’s largest public sector shipyard Cochin Shipyard Limited, filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI seeking permission for its Initial Public Offering (IPO).

The IPO comprises of 33,984,000 equity shares consisting of a fresh issue of 22,656,000 equity shares and an offer for sale of 11,328,000 equity shares by thePresident of India.

The equity shares will have a face value of Rs 10 and the price band will be decided in consultation with the Book Running Lead Managers (BRLMs).

The Net Proceeds from the fresh issue will be utilised towards setting up of a new dry dock within the existing premises of the Company, setting up of an international ship repair facility at Cochin Port Trust area and for general corporate purposes. Further company coverage:

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