Cochin Shipyard Limited has hired a consortium of merchant bankers led by SBI Capital Markets Limited to manage its IPO. The other members of the consortium are JM Financial Institutional Securities Limited and Edelweiss Financial Services Limited. The IPO involves the sale of 34 million shares – fresh issue of 23 million shares and the central government’s stake of 11 million shares. The proceeds from the sale will be used to finance the setting up of an international ship repair facility as well as a new dry dock for construction and repair of vessels of up to 125,000 deadweight tonnage.
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