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Mazgon Dock Shipbuilders gets Sebi go ahead for IPO

Business Finance

Press Trust of India  |  New Delhi 

State-owned Mazgon Dock Shipbuilders has received markets regulator Sebi's go ahead to float an initial public offering.

The public sector undertaking had filed draft papers with the Securities and Exchange Board of India (Sebi) in April seeking its clearance to launch an IPO and obtained its "observations" on August 10, according to the latest update with the markets watchdog.

Sebi's "observations" are necessary for any company to launch public issues like initial public offer (IPO) and follow-on public offer (FPO) and rights issue.

Going by the draft papers, Mazagon, a lead shipyard of India serving the nation's strategic requirements, will see sale of over 2.24 crore equity shares by the government.

The IPO is part of the government's target to garner Rs 80,000 crore through stake sales in state-owned companies in 2018-19.

Moreover, three state-owned firms -- Mishra Dhatu Nigam Ltd, Hindustan Aeronautics and Bharat Dynamics --have already came out with their respective initial share-sales.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, August 13 2018. 20:35 IST