Mazagon Dock gets SEBI approval for IPO

The company has received approval from Sebi to sell shares through an IPO, as per media reports.

Aug 16, 2018 06:08 IST India Infoline News Service

Mazagon Dock Shipbuilders Ltd has received approval from Securities and Exchange Board of India (Sebi) to sell shares through an IPO, as per media reports.

The company had filed draft papers with Sebi in April seeking its clearance to launch an IPO and obtained its "observations" on August 10, the report added.

Yes Securities, Axis Capital, Edelweiss Financial, IDFC, and JM Financial are the book running lead managers (BRLMs) and Alankit Assignments Ltd is the Registrar.

The equity shares will be listed on the BSE and the NSE.

The IPO comprises of a net offer (minus employee reservation portion) of 22,410,000 equity shares of face value of Rs10 each of Mazagon Dock Shipbuilders. The net offer shall constitute 10% of the post-offer paid-up equity share capital of the company.

Mazagon Dock Shipbuilders Ltd, aptly called “Ship Builder to the Nation”, is one of India’s leading defense public sector undertaking shipyards under the Ministry of Defence. Its main activities are the construction of warships and submarines with facilities situated at Mumbai and Nhava (under development). The company has the capability to build warships, submarines, and merchant ships up to 40,000 DWT since 1979.

For outfitting work, the company has a large number of workshops with sophisticated equipment and machines specific to hull fabrication and ship construction work.

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