Cochin Shipyard's share buyback offer will open from November 28.
The state-run shipbuilder which had previously informed exchanges about its Rs 200 crore share buyback in October, has notified its “Letter of Offer” to buyback 43.95 lakh equity shares not exceeding 3.23 percent. The offer closes on December 11.
The shipbuilder had announced the share buyback on October on Oct. 16, at a price of Rs 455 per share. It's share price has since fallen by more than 5 percent.
The government which is the majority shareholder of the company, is targeting at least 5,000 crore from share buybacks.
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