Cochin Shipyard seeks govt nod for IPO

Cochin Shipyard Ltd has sought approval from government to launch an initial public offering to raise money for setting up a new dry dock, Chairman and Managing Director M. Jitendran said

"We have submitted a concept paper to the government, and we hope to come out with the IPO before the end of this year," he said.

According to Jitendran, the new dry dock complex will require an investment of about Rs 800 crore, and will have a capacity of 175,000 DWT.