- Cochin Shipyard to acquire 23% stake in Conoship for 2.30 million euros or Rs 25 crore
- Acquisition expected to complete within two months, per company exchange filing
- Deal aims to expand Cochin Shipyard's presence in European coastal and short sea shipping
Cochin Shipyard Ltd. inked a deal to acquire a 23% stake from Conoship International Holding BV, a prominent ship design and engineering company from the Netherlands, for 2.30 million euros or Rs 25 crore, according to an exchange filing from the company on Thursday.
The indicative period of completion for the acquisition is two months.
The acquisition of 23% equity shares of Conoship is expected to help Cochin Shipyard to penetrate to European coastal and short sea shipping with advanced design solutions, the filing said.
"Further, Cochin Shipyard and Conoship will jointly explore significant opportunities for upcoming technologies including alternate fuels in short-sea-vessels, coastal shipping inland waterways, and other related services in marine, shipping and offshore industries," it added.
Conoship has a varied lineup of ship designs, from general cargo vessels, tankers, and dredgers, to ferries and offshore vessels and provides its services to shipyards across the globe.
Cochin Shipyard Share Price Movement
Share price of Cochin Shipyard Ltd. closed at Rs 1,370.00, compared to a 1.g5% downturn of the NSE Nifty 50. The stock opened at Rs 1,365.00, compared to its previous close of Rs 1,370.00. During today's trading session, Cochin Shipyard's share price moved in the range of Rs 1,358.10 to Rs 1,385.00.
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Looking at its last 52-week performance, the stock has touched a low of Rs 1,187.00 and a high of Rs 1,977.00. On the performance front, Cochin Shipyard's share price is down 27.70% on a year-on-year basis.
The market capitalisation of Cochin Shipyard is Rs 49,732.79 crore, with a P/E ratio of 45.49.
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