Big developments at Cochin Shipyard: OFS ends, HBL joint venture gets new chairman
It was on the same day that the OFS ended that Green Maritime Propulsion Private Limited, a CSL-HBL joint venture, held its first board meeting
It was on the same day that the OFS ended that Green Maritime Propulsion Private Limited, a CSL-HBL joint venture, held its first board meeting.
It was on the same day that the OFS ended that Green Maritime Propulsion Private Limited, a CSL-HBL joint venture, held its first board meeting.
It was on the same day that the OFS ended that Green Maritime Propulsion Private Limited, a CSL-HBL joint venture, held its first board meeting.
The government's Offer for Sale (OFS) to divest a part of its stake in Cochin Shipyard ended on Wednesday.
The state-run shipbuilder's shares also dipped by 3.04 per cent to reach Rs 1,404.30 apiece after the OFS ended, which saw the government divest up to a 5.04 per cent stake in the company.
As of March 31 this year, the Government of India held a 67.91 per cent stake in the Kerala-based shipbuilder.
The OFS from the President of India, on behalf of the Ministry of Ports, Shipping and Waterways (MoPSW), originally aimed to sell a 2.52 per cent stake in CSL—or 66.29 lakh equity shares—at a floor price of Rs 1,400 per share.
However, strong demand from institutional investors led to the government exercising the oversubscription option in full, doubling the offer to 1.33 crore equity shares, which represents a 5.04 per cent stake in CSL.
Notably, 13.26 lakh shares, or 10 per cent of the total offer of 1.33 crore shares, had been reserved for retail investors, while 26,308 had been kept aside for eligible employees, who had been allowed to bid up to Rs 5 lakh.
Near the end of the bidding period on Wednesday, that retail portion received bids for 1.16 lakh shares, translating into an 8.76 per cent subscription of the revised retail allocation, a Business Standard report said.
The non-retail portion had received bids for 2.10 crore shares on Tuesday, indicating a full subscription of the revised non-retail allocation.
CSL-HBL joint venture gets new chairman
Amid these key developments at CSL, Green Maritime Propulsion Private Limited held its first board meeting on Wednesday, which saw the appointment of a new chairman.
This comes almost a month after the joint venture (JV) between Cochin Shipyard and HBL Engineering Limited (HBL) was incorporated on June 11.
Dr Harikrishnan S., Director (Operations) at CSL, was unanimously appointed as the chairman of the board of Green Maritime Propulsion.
"By combining the expertise of CSL and HBL, the Joint Venture is well positioned to develop innovative, reliable and sustainable electric mobility and energy storage solutions that will contribute to the transformation of the maritime sector in India and beyond," he said at the inaugural meeting.
Specifically, the aim is for the JV to develop marine batteries, Battery Management Systems (BMSs), electric motors, power electronics, and charging infrastructure, paving the way for the creation of next-generation electric and hybrid vessels.