Summary:
more-inKochi: Trade unions under the Cochin Shipyard Joint Action Front held a token strike on Friday to put pressure on the management to desist from its proposed initial public offering (IPO) move. The proposal envisages issue of an IPO of 3,39,84,000 equity shares of ?10 each amounting to an equity capital of ?33.984 crore. While the yard management maintains that CSL is being disinvested as a matter of policy, the yard can still be salvaged if the management so desires. Today’s [Friday] strike was cent per cent successful, and we are contemplating going on an indefinite strike if the management presses ahead with the decision,” said Mr.
Chandrasekharan. It comprises fresh issue of 2,26,56,000 equity shares and sale of the Government of India’s stake in the yard worth 1,13,28,000 equity shares of ?10 each through a public offering in the domestic market..