Summary:
more-inKochi: The Cochin Shipyard is pressing ahead with its plan to go for an initial public offering (IPO) notwithstanding mounting opposition from trade unions. The proposal is to issue an IPO of 3,39,84,000 equity shares of ?10 each amounting to an equity capital of ?33.984 crore. But the trade unions, united under the umbrella of Cochin Shipyard Joint Action Front, have cried foul and are gearing up for intense agitations. The IPO move, the yard management has always maintained, is in line with the Union government’s stated policy of disinvestment. It is a standard procedure, and the stipulation is that IPO should be issued within a year of filing the prospectus..