Indian Government Plans to Sell Stake in Mazagon Dock Shipbuilders

The Indian government plans to sell a stake of up to 4.83% in Mazagon Dock Shipbuilders, according to an exchange filing on Thursday.

The government, which currently owns 84.83% of the company, is looking to sell 11.4 million shares representing a stake of 2.83% with an option to sell an additional 2%.

The sale will be made at a floor price of 2,525 rupees per share, the shipbuilding company said, a near 8% discount to Thursday's closing price.

Mazagon Dock's shares have risen nearly 23% so far this year.

(Reuters)