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Under this option, the government will offload an additional 47.69 lakh shares. This comes on top of the base issue of 1.14 crore shares, or a 2.83% stake.
The OFS opened on Friday for non-retail investors and will continue on Monday for retail investors, employees, and non-retail investors with unallotted bids. The floor price for the sale has been fixed at Rs 2,525 per share.
On Thursday, the state-run company had disclosed that the government might sell up to 80.67 lakh additional shares (2%) through the oversubscription route. Eventually, it opted to sell a 1.18% stake instead.
“Accordingly, the total offer size will be up to 1,61,80,354 equity shares (representing 4.01% of the total paid-up equity share capital of the company), of which 16,18,036 shares, i.e., 10% of the offer, will be available for the retail category on T+1 day, i.e., April 7, 2025,” the filing stated.
As of the December 2024 quarter, the Union government held an 84.83% stake in the company, according to BSE data.Mazagon Dock Shipbuilders: Stock target and performanceAccording to Trendlyne data, the average target price for the stock is Rs 2,446, indicating a downside of 4% from current levels. The consensus recommendation from three analysts is a ‘Hold’.
On Friday, Mazagon Dock Shipbuilders shares closed at Rs 2,541.2 on the BSE, down 7.1%, while the benchmark Sensex declined 1.22%. The stock has surged 13% year-to-date and an impressive 673% over the past two years. The company’s market capitalization currently stands at Rs 1,02,506 crore.
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